Profile: Interval Leisure Group Inc (IILG.O)
30 Aug 2016
Interval Leisure Group, Inc. (ILG), incorporated on May 9, 2008, is a provider of non-traditional lodging, encompassing a portfolio of leisure businesses from exchange and vacation rental to vacation ownership. The Company operates through two segments: Exchange and Rental, and Vacation Ownership. Its Exchange and Rental segment offers access to vacation accommodations and other travel-related transactions and services to leisure travelers, by providing vacation exchange services and vacation rental, working with resort developers and operating vacation rental properties. Its Vacation Ownership segment engages in the management of vacation ownership resorts; sales, marketing, and financing of vacation ownership interests, and related services to owners and associations. ILG's Vistana Signature Experiences, Inc. owns and manages the Westin Vacation Club and the Sheraton Vacation Club.
Exchange and Rental
The Company offers leisure and travel-related products and services to owners of vacation interests and others primarily through various membership programs, as well as related services to resort developer clients. Vacation exchange allows owners of vacation ownership interests to exchange their occupancy rights (whether denominated in weeks or points) for comparable, alternative accommodations at another resort and/or occupancy period. The Company's Exchange and Rental operating segment consists of Interval International (referred to as Interval), the Hyatt Residence Club, the Trading Places International (known as TPI) operated exchange business, and Aqua-Aston Hospitality (referred to as Aqua-Aston).
The Company's primary exchange offering is the Interval Network, a membership-based exchange program, which also provides a package of products and services. Hyatt Residence Club, which is a points-based membership exchange system, serves approximately 31,000 owners at over 20 properties, providing them with reservation and exchange services, as well as other benefits. Purchasers at Hyatt Residence Club resorts are automatically enrolled in the club and continue to be members until they no longer own an interest at the affiliated resort or the resort is no longer part of the club. Trading Places International program provides exchange services to owners at timeshare properties managed by Trading Places International, as well as other direct-to-consumer exchanges that do not require a membership.
The Company offers additional vacation rental opportunities to members of the Interval Network and certain other membership programs at attractive rates through Getaways. Getaways allow members to rent resort accommodations for a fee, plus applicable taxes. Interval Network members also may take advantage of Interval Gold, its membership program that provides year-round access to benefits and services for an additional annual fee or Interval Platinum, its premier membership level, which targets discerning travelers and offers them benefits and services in addition to those included in the Interval Gold membership. Members are enrolled in these programs either by resort developers in connection with the initial purchase of their vacation interests or by upgrading their membership directly. Its Club Interval product gives owners of fixed or floating week timeshares the opportunity to use their resort week as points within the Interval Network. Club Interval members also receive all of the benefits of Interval Gold and can upgrade to Interval Platinum. Its Preferred Residences Program is a hospitality branding program for luxury shared ownership resorts and condo hotels offers owners an annually renewing membership throughout the period of each resort's participation in the Preferred Residences program. Members have access to additional travel-related benefits, including special rates at Preferred Hotel Group properties.
The Company's Interval Network has multi-year relationships with various resort developers, including independent and brand name developers, under exclusive affiliation agreements. Resort developers promote membership in the Company's exchange programs and related services as a benefit of owning a vacation interest. The Company offers its developers a selection of sales and marketing materials. These materials, many of which are available in multiple languages, include brochures, publications, sales-office displays, resort directories and Interval High-definition (HD), an online video channel featuring resort and destination overviews. In addition, the Company offers programs, including its Leisure Time Passport program, that resort developers use as an exit or trial membership program for potential purchasers of vacation interests. It also makes available an array of back-office servicing solutions to resort developers and resorts. In addition, through consulting arrangements, the Company assists resort developers in the design of tailored vacation programs for owners of vacation interests.
The Company provides vacation rental as part of a package of marketing, management and rental services offered to vacation property owners, through Aqua-Aston. Aqua-Aston provides vacation rental and/or management services to approximately 50 resorts primarily in Hawaii, as well as Guam, Orlando, Florida, South Lake Tahoe, California, and Lake Las Vegas, Nevada. These businesses provide vacation property rental services for condominium owners, hotel owners, and homeowners' associations. The Company offers a range of leisure accommodations to visitors from across the world through consumer Websites, such as www.astonhotels.com, www.aquaresorts.com, www.aquahospitality.com, www.resortquesthawaii.com and www.mauicondo.com. As an additional distribution channel, Aqua-Aston provides units to Interval for use as Getaways.
The Company provides management services to approximately 200 vacation ownership properties and/or their associations through Hyatt Vacation Ownership (HVO), Trading Places International, Vacation Resorts International (VRI) and VRI Europe. TPI and VRI provides property management, homeowners' association management and related services to approximately 150 timeshare resorts in the United States, Canada and Mexico. VRI Europe manages approximately 30 vacation ownership resorts in Spain and the Canary Islands, the United Kingdom, France and Portugal. HVO provides management services for over 20 regionally inspired luxury and upper upscale resorts throughout the United States participating in the Hyatt Residence Club. All of these businesses provide resort management services for vacation ownership resorts, which offer leisure accommodations with certain comforts of home, such as kitchens or kitchenettes, separate seating or living room areas and in suite, private bedrooms, with actual services and features varying by property. It also provides homeowners' association management services, which include administrative, fiscal and quality assurance services.
HVO, TPI and VRI also offer vacation rental services to individual timeshare owners and homeowners' associations. HVO provides management services to homeowners' associations and resorts that participate in the Hyatt Residence Club. VRI Europe manages resorts developed by CLC World Resorts, as well as independent homeowners' associations. HVO sells, markets, finances, develops and/or licenses the brand for over 20 vacation ownership resorts that participate in the Hyatt Residence Club, which include Hyatt Pinon-Pointe-Sedona, Arizona; Highlands Inn-Carmel, California; Northstar Lodge-Truckee, California; Hyatt Grand Aspen-Aspen, Colorado; Hyatt Mountain Lodge-Avon, Colorado; The Residences at Park Hyatt Beaver Creek-Avon, Colorado; Hyatt Main Street Station-Breckenridge, Colorado; Hyatt Siesta Key Beach-Siesta Key, Florida; Hyatt Coconut Plantation-Bonita Springs, Florida; Hyatt Beach House-Key West, Florida; Hyatt Sunset Harbor-Key West, Florida; Hyatt Windward Pointe-Key West, Florida; Hyatt Ka'anapali Beach-Lahaina, Hawaii (Maui); Hyatt High Sierra Lodge-Incline Village, Nevada; Hyatt Hacienda del Mar-Dorado, Puerto Rico, and Hyatt Wild Oak Ranch-San Antonio, Texas. HVO sells traditional vacation ownership interests of weekly intervals and, at certain properties, fractional interests, as deeded real estate. These interests provide annual usage rights for a one-week or longer interval at a specific resort. Each purchaser is automatically enrolled in the Hyatt Residence Club.
The Company competes with Wyndham Vacation Ownership, Inc., Airbnb and HomeAway.
Interval Leisure Group Inc
6262 Sunset Dr
SOUTH MIAMI FL 33143-4843
Company Web Links
- BRIEF-Interval Leisure Group reports Q2 2016 results
- BRIEF-Interval Leisure Group increases share repurchase program to $100 mln
- BRIEF-Starwood Hotels says completes some deals with Interval Leisure Group
- BRIEF-Interval Leisure says appointed four more board members
- BRIEF-Interval Leisure Group reports Q1 earnings per share $0.38