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Type | Public |
---|---|
Nasdaq: ILG | |
Industry | Hospitality |
Founded | 1976 |
Defunct | September 1, 2018 |
Fate | Acquired by Marriott Vacations Worldwide Corporation |
Headquarters | Miami, Florida U.S. |
Area served | Worldwide |
Number of employees | 5,000 (2012) |
Website | ilg |
ILG, Inc. is an American timeshare company and a subsidiary of Marriott Vacations Worldwide. It was formerly a subsidiary of the corporation IAC. ILG is the parent company of Interval International, a provider of membership and leisure services to the vacation industry. ILG consists of two operating segments: membership and exchange. ILG's principal business segment offers travel and leisure 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. As of December 31, 2012, nearly 2,800 resorts located in over 75 countries participated in Interval's primary exchange network. As of that date, the Membership and Exchange segment had approximately two million members enrolled in its various membership programs including approximately 1.8 million in the Interval Network. The biggest competitors for Interval are RCI, and Platinum Interchange. Interval is the second largest timeshare exchange company after RCI.
Interval International was founded in 1976 in Miami. It was acquired by CUC International in 1992. In 1996, CUC merged with HFS, who owned RCI. Because of antitrust concerns, Interval was sold to Willis Stein & Partners. [1] In 2002, USA Interactive (later renamed IAC), acquired Interval. [2] Interval Leisure Group (later renamed ILG) was spun off of IAC in 2008 as a publicly-traded company. [3]
In April 2018, Marriott Vacations Worldwide announced that they would purchase Interval Leisure Group for $4.7 billion, which was completed later that year. [4]
A timeshare is a property with a divided form of ownership or use rights. These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and each owner of the same accommodation is allotted their period of time. Units may be sold as a partial ownership, lease, or "right to use", in which case the latter holds no claim to ownership of the property. The ownership of timeshare programs is varied, and has been changing over the decades.
Cendant Corporation was an American provider of business and consumer services, primarily within the real estate and travel industries. In 2005 and 2006, it broke up and spun off or sold its constituent businesses. Although it was based in New York City, the majority of its headquarters employees were in Parsippany-Troy Hills, New Jersey.
IAC Inc. is an American holding company that owns brands across 100 countries, mostly in media and Internet. The company is incorporated under Delaware General Corporation Law and headquartered in New York City. Joey Levin, who previously led the company's search and applications segment, has served as chief executive officer since June 2015.
CUC (Comp-U-Card) International Inc. was a membership-based consumer services conglomerate with travel, shopping, auto, dining, home improvement and financial services offered to more than 60 million customers worldwide based in Stamford, Connecticut, US, and founded in 1973 by Kirk Shelton and Walter Forbes. In 1998, it became involved in a Securities and Exchange Commission investigation into what, at the time, was the biggest accounting scandal in corporate history.
Wyndham Hotels & Resorts, Inc. is an American hotel company based in Parsippany, New Jersey, United States. It describes itself as the largest hotel franchisor in the world, with 9,280 locations. It has a portfolio of 20 hotel brands, including Baymont, Days Inn, Howard Johnson, La Quinta, Ramada, Super 8, Travelodge, and Wyndham.
Marriott Vacation Club is the primary timeshare brand of Marriott Vacations Worldwide Corporation. The brand comprises around 70 Marriott Vacation Club properties throughout the United States, Caribbean, Central America, Europe, and Asia. Marriott Vacation Club resorts consist of one, two, and three-bedroom villas, with more than 400,000 owners.
Travel + Leisure Co. is an American timeshare company headquartered in Orlando, Florida. It develops, sells, and manages timeshare properties under several vacation ownership clubs, including Club Wyndham and WorldMark by Wyndham, and provides timeshare exchange services, primarily through RCI.
RCI is a timeshare exchange company with over 4,300 affiliated resorts in 100 countries.
Trading Places International (TPI) is a corporation located in Lake Forest, California. TPI provides a full spectrum of vacation services to vacation interval owners, resort associations, and resort developers. They rank third worldwide in independent vacation exchanges confirmed annually at hundreds of resorts. The company specializes in association and resort management, vacation exchanges, rentals, owner resales, traditional travel, and developer support offerings.
Hilton Grand Vacations Inc. is based in Orlando, Florida, United States, with regional offices located in Las Vegas, Nevada, Oahu, Hawaii, New York City, Marco Island, Florida and Sanibel Island, Florida. It was formerly a wholly owned subsidiary of Hilton Inc. until it was spun off into a publicly traded company. As of December 31, 2019, it has 55 properties with 8,916 rooms in 5 countries and territories, all franchised.
Club Mahindra is the flagship brand of Mahindra Holidays & Resorts India Limited (MHRIL), an Indian Hospitality company founded in 1996. It is a part of the Leisure and Hospitality sector of the Mahindra Group and provides family holidays on a timeshare basis. MHRIL offers family holidays primarily through vacation ownership memberships for over a period of 25/10 years.
WorldMark by Wyndham is the developer and marketer of WorldMark, The club, a vacation ownership program. Worldmark by Wyndham is part of the Travel + Leisure Co.. The original development partner of the club was Trendwest International (TWI), a subsidiary of Jeld-Wen, a door and window manufacturer.
Bluegreen Corporation is an American private vacation ownership company based in Boca Raton, Florida. Currently a wholly owned subsidiary of BFC Financial Corporation with around 4,500 employees, the company provides vacations at 60 company-managed resorts on a time-share basis, with alternative resort and cruise options available through upselling and third-party exchanges. Bluegreen makes its services available to other resort operators on a fee-for-service basis.
Aqua-Aston Hospitality, LLC is a Honolulu-based hotel management company operating a multi-branded line of hotels, condominiums and vacation resort properties primarily located in Hawaii. The chain was purchased by Marriott Vacations Worldwide in 2018.
Royal Holiday Club is a vacation club membership operator and resort developer based in Mexico offering points-based vacation ownership.
Marriott Vacations Worldwide Corporation is a pure-play public timeshare company. Formerly a division of Marriott International, Marriott Vacations Worldwide was established as a separate, publicly traded entity focusing primarily on vacation ownership in November 2011. Marriott Vacations Worldwide runs more than 120 resorts with over 700,000 Owners and Members. Its brands include Marriott Vacation Club, Marriott Vacation Club Pulse, Grand Residences by Marriott, and The Ritz-Carlton Destination Club. The Company also operates Interval International, which offers an exchange network and travel membership programs through a network of more than 3,200 affiliated resorts in over 90 countries and territories.
Diamond Resorts is a timeshare company headquartered in Las Vegas, Nevada, with regional offices in Orlando, Florida and Lancaster, United Kingdom. The company has a network of more than 379 vacation destinations in 35 countries around the world and sells vacation ownership points. The company sponsors numerous celebrities, including LPGA professional Brittany Lincicome, PGA Tour professional Brian Gay and MLB Hall of Famers Gaylord Perry and Reggie Jackson. The company also pairs with country music artists, including Cole Swindell, Lauren Alaina and Jana Kramer to host private concerts for its members.
Vida Vacations is a vacation membership company, which allows its customers to purchase a Right to Use and, more recently, a real estate interest in 15 resorts in Mexico. It was founded in 2010 by Grupo Vidanta, and was originally named "Vida Vacation Club". Before that, in the 1990s it was called Vidafel and sold only timeshares. The total number of rooms is approximately 7,000.
Welk Resort Group is a corporation based in San Marcos, California that is a developer and operator of luxury resorts and timeshares in the United States and Mexico. It was founded in 1964 by television bandleader Lawrence Welk. As of 2015, the company has developed five properties in Cabo San Lucas, Lake Tahoe, San Diego, Palm Springs and Branson.
The Beekman Group is a leisure hospitality provider and property developer headquartered in Port Shepstone on the South Coast of KwaZulu-Natal. The group is known as a leisure services provider of holiday accommodation and resort management services. It also has a portfolio of property development, including leisure, residential and commercial properties. It started operations in 1970.