Interval is on its Own Again
It's business as usual at Interval International following last month's spin-off from IAC/InterActive Corp. The new firm, formally known as Interval Leisure Group, is a public company trading on the NASDAQ exchange.
“This is the sixth ownership structure in the company's 32-year history and most of the senior leadership team have been through all of them,” says Craig Nash, chairman, president and CEO. “And while as a standalone company, we've had to add some people in the areas of finance, compliance and investor relations, it's business as usual on the operational side of the business.”
Nash says it's an advantage to no longer be a division of a larger company (IAC had five major businesses). “Instead of decisions being made for the collective good of a large organization, we can focus strictly on our business: how to increase shareholder value and how to assist our clients and members,” says Nash.
The new company, which had consolidated revenue of $360 million in 2007, has two operating segments:
Interval International is the vacation ownership company that serves both timeshare owners and developers. More than 2,400 resorts in 75 countries and about two million member households are in the Interval network. Last year, the group had revenues of $318 million.
ResortQuest Hawaii provides vacation rental and property management services for 5,000 properties throughout Hawaii. IAC bought the firm in May 2007.
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