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HONOLULU & ORLANDO - Outrigger Enterprises, Inc., Hawaii's largest hospitality company, and Fairfield Resorts, Inc., the world's largest vacation ownership company with more than 450,000 owners, today announced a new exclusive strategic marketing and development alliance. The alliance will mark Outrigger's entry into the rapidly expanding timeshare industry, while providing Fairfield Resorts with its first ever Hawaii-based sales and marketing operation.
The alliance will help attract more visitors to Hawaii and Outrigger by enabling Fairfield Resorts to offer accommodations for its owners at Outrigger's Hawaii-based hotels. In addition, Fairfield will market Hawaii travel packages and co-branded Hawaii timeshare products to prospective timeshare owners, both at Outrigger Hotels and via Fairfield's extensive sales and marketing channels throughout the continental United States. The companies will also explore joint property acquisition and timeshare development opportunities in various Hawaii locations.
We are extremely pleased to join with Fairfield Resorts in entering the fastest growing segment of the travel and tourism industry, said David Carey, president and chief executive officer of Outrigger Enterprises. This is a natural marriage of two industry leaders - Outrigger is the largest hospitality company in Hawaii, while Fairfield Resorts is the world's largest vacation ownership company. This alliance with a highly trusted name in the vacation ownership industry enables Outrigger to offer our customers a full range of vacation products, and it is a tremendous development opportunity for our company.
Our product is successful because it never stops getting better for those who own it. Adding Hawaii as a new destination provides an exciting opportunity for thousands of Fairfield families to vacation in one of the most spectacular places on earth, said Franz S. Hanning, president and CEO, Fairfield Resorts. Outrigger is a world-class hotelier and Hawaii's long-established hospitality leader. Our alliance provides Fairfield Resorts with a rock-solid foundation from which to aggressively build a strong presence in Hawaii and beyond.
Timeshare owners are considered highly desirable visitors in the travel industry. According to travel industry research, timeshare owners and their guests spend more than $5 billion annually in U.S. resort areas, and their average daily expenditures are about $145 per day or about $1,200 during their stay. A 2000 study of the Hawaii timeshare market reported that timeshare owners in Hawaii spent even more - an average of $2,608 per stay. Timeshare owners in the United States pay about $249 million in property taxes. Additionally, timeshare owners are twice as likely to return to a vacation location with timeshare availability as they are to other locations. Relative to other hospitality segments, timeshare has shown surprising resilience during downturns in the economy or global travel.
Outrigger Enterprises, Inc. is the largest lodging company in Hawaii and one of the fastest growing lodging companies in the Pacific. Outrigger Hotels & Resorts, a division of Outrigger Enterprises, Inc., operates two hotel brands - Outrigger Hotels & Resorts and OHANA Hotels & Resorts. The company currently operates or has under development 45 hotels and resorts throughout the Pacific region, representing more than 12,000 hotel rooms and condominium units in Hawaii, Micronesia, Australia and the South Pacific. Outrigger's affiliate, Outrigger Lodging Services, operates nearly two-dozen hotels and resorts throughout the U.S. Mainland. www.outrigger.com
Fairfield Resorts, Inc., with more than 450,000 owners, is the largest vacation ownership company in the world. Fairfield Resorts specializes in the development, marketing and sales of innovative travel and leisure products, including vacation ownership intervals at the company's 64 nationwide resorts. Fairfield Resorts was one of the first U.S. developers to move from traditional fixed-week timeshare ownership to a points-based exchange program with the launch of FairShare Plus in 1991. Fairfield Resorts, headquartered in Orlando, is a subsidiary of Cendant Corporation
(NYSE: CD), a diversified global provider of business and consumer services primarily within real estate and travel. Other Cendant brands include Cheap Tickets, AVIS, Days Inn, Ramada, Century 21, Coldwell Banker, and RCI. www.fairfieldresorts.com
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