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Press Release: RCI Global Vacation Network
March 22, 2006
PARSIPPANY, NJ -- RCI Global Vacation Network – formerly Cendant Vacation Network Group – yesterday announced that
the new name of its Leisure Real Estate Solutions business is NorthCourse.
The two components of the company, which serves the global leisure real estate market, are: NorthCourse Advisory
Services and NorthCourse Turnkey Solutions.
Preben Vestdam will continue in his role as president and chief executive officer and oversee all of NorthCourse’s
global business activities. Kevin Wallace, who has been serving as managing director of Ragatz Consulting, has
been appointed chief executive officer of NorthCourse Advisory Services and reports directly to Vestdam. Wallace
succeeds industry veteran Richard Ragatz, who has stepped down from his role with the RCI Global Vacation Network.
“At NorthCourse, we are eager to continue spearheading the global expansion of our shared ownership advisory business
and we remain focused on our 30-year tradition of delivering high-quality service to leisure real estate developers,
tourism investors and hospitality companies,” said Ken May, chairman and CEO of RCI Global Vacation Network. “Preben
and Kevin possess a strong background in the travel, tourism and leisure real estate industries and have built
a strong global team.”
Vestdam added: “The leisure real estate market is rapidly growing and our range of services can help new real estate
developers interested in the shared ownership industry achieve their goals.”
NorthCourse Advisory Services handles market analysis, feasibility studies, business and financial modeling, product
design, sales and marketing plans, strategic and financial advice, due diligence reviews, development, and acquisition
advice for shared ownership projects and companies.
NorthCourse Turnkey Solutions aids developers in the implementation of new shared ownership businesses including
general project management, the creation of the final consumer product, developing and overseeing sales and marketing
structures, overseeing property management activities and building administrative and back office functions.
“Preben is also adding a team of experienced professionals dedicated to finding new major players interested in
including shared ownership leisure real estate as part of their investment or operations mix,” said May. “Members
of this market expansion team will be located in NorthCourse’s regional offices.”
The staff is made up of industry experts with decades of global experience who are able to help developers with
everything from pre-development feasibility to sales and marketing. The staff’s areas of expertise include consulting,
business development, project management, financial planning and market research. They operate out of offices in
the United States, the United Kingdom, Germany, Spain, the United Arab Emirates, China and Singapore.
About RCI Global Vacation Network
RCI Global Vacation Network is the global leader in leisure accommodations with exclusive access for specified
periods to nearly 55,000 vacation properties. Organizationally, RCI Global Vacation Network is comprised of RCI,
a global leader in vacation exchange and travel membership products, and various leading vacation rental brands
for the marketing of vacation rental accommodations, primarily in Europe. Collectively, the company represents
developers, owners, managers and marketers of outstanding vacation properties, sending consumers on dream vacations
to the world’s great tourism destinations through brands that are global market leaders within their business segment.
RCI Global Vacation Network is a subsidiary of Cendant Corporation (NYSE: CD), a provider of travel and residential
real estate services.
About NorthCourse
NorthCourse supports the global leisure real estate industry with consulting and turnkey solution services specialized
in shared ownership business models and mixed use developments including timeshare, fractionals, private resident
clubs, destination clubs and condo hotels. NorthCourse offers all elements of business advise from in-depth feasibility
studies, business modeling, product design, consumer and market research to fully integrated turnkey solutions
for developers. NorthCourse operates out of offices in the United States, the United Kingdom, Germany, Spain, the
United Arab Emirates, China and Singapore.
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Media Contact: Natalie Kandik (973) 496-6794 natalie.kandik@rci.com