Press Release: The Global Registry
December 5, 2001
OAK BROOK, IL -- Abercrombie & Kent, Inc. and The Global Registry, LLC yesterday announced the launch of a
new global exchange and concierge service for owners of fractional or wholly-owned premium-quality vacation accommodations,
such as private residence clubs, luxury condo hotels, whole ownership condos and homes and elite fractional resorts.
This new service, called the ``Abercrombie & Kent Registry,'' enables these consumers to exchange time at their
vacation home or condominium for comparable time at other properties, bringing a new level of flexibility and service
to this fast-growing new category of vacationing. Private residence clubs participating in the exchange system
will have the added benefit of a personal concierge service provided by Abercrombie & Kent Registry to reserve
all travel arrangements.
The Abercrombie & Kent Registry intends to offer unique access, exceptional value offers and select exchange
opportunities to an exclusive portfolio of partner purveyors including: world wide luxury travel, private yacht
and jet charters, elite automobile rentals, cruises of distinction and marquee sports entertainment.
``Premium-quality vacation accommodations at private residence clubs are fast becoming the preferred choice of
typical Abercrombie & Kent consumers,'' said Geoffrey J. W. Kent, chairman and chief executive officer, Abercrombie
& Kent, Inc. ``Abercrombie & Kent has been providing luxury accommodations through our Concierge Villas,
and so providing exchange and concierge service to private residence clubs is a natural extension of our business.''
In order to establish an exchange system that meets the highest standards of quality, Abercrombie & Kent, Inc.
has established an alliance with The Global Registry, LLC, a subsidiary of Resort Condominiums International, LLC,
the world leader in providing exchange and other travel services to consumers with ownership of vacation accommodations
for nearly 30 years.
``The Abercrombie & Kent Registry is redefining the possibilities of private residence club ownership,'' said
Milton Pedraza, president, The Global Registry, LLC. ``The Abercrombie & Kent Registry will deliver to these
owners the highest level of flexibility and service in exchanging use of property for access to an exclusive world
of high-end goods and services.''
Private residence clubs are premium-quality vacation resorts consisting of homes or condominiums that are owned
jointly among anywhere from four to eight owners, who each have time allotments for use of the property at different
times of the year balanced across high and low demand seasons. Private residence club owners own a specific quantity
of weeks at their resort, ranging from as few as four to as many as 13.
Also called ``fractional ownership'' resorts, private residence clubs offer exquisite decor such as marble countertops,
restaurant-quality kitchen appliances, imported leather furniture, and often sell for more than $1,000 per square
foot. Member privileges typically include private club lounges, complimentary transportation to and from airports,
priority tee times or golf discounts, ski or golf valet service, and year-round storage. Although fractional ownership
interests have existed for many years, the category has experienced a surge of growth in the past several years
with developers offering more inventory to meet growing demand.
Private residence clubs that are affiliated with the Abercrombie & Kent Registry are known as A&K Registry
Signatories. They are a superior quality collection of properties that offer owners the ability to exchange their
vacation accommodations within the collection. The Global Registry, LLC has discussions underway with private residence
club developers across North America, and the company expects to announce charter Signatory members within the
coming months.
``The Global Registry, LLC has a proven track record that developers know they can count on in offering the Abercrombie
& Kent Registry to prospective customers as an enhancement to their private residence club product,'' said
Milton Pedraza, president, The Global Registry, LLC. ``Bringing our systems and expertise together with Abercrombie
& Kent's proven customer service and world-class travel products creates added value for developers and consumers
alike that will help stimulate further growth in vacation ownership.''
About Abercrombie & Kent
Abercrombie & Kent has been recognized as ``World's Best Tour Operator and Safari Outfitter'' by the readers
of Travel + Leisure Magazine five times and has been featured in Conde Nast Traveler, Forbes, Robb Report, Harvard
Business Review, New Yorker and Andrew Harper's Hideaway Report.
Abercrombie & Kent's headquarters are in Oak Brook, Illinois. Forty-three offices worldwide, employing more
than 3,000 travel professionals, offering unrivaled attention to detail, safety issues and service standards. Knowledgeable
guides, luxurious accommodations, comfortable transportation and a choice of activities and amenities are immutable
standards on every A&K trip. For more information, please call A&K at (800) 323-7308 or order brochures
online at www.abercrombiekent.com. For reservations, please call your
travel agent. Abercrombie & Kent - simply the best way to travel®.
About The Global Registry, LLC
The Global Registry, LLC is a subsidiary of Resort Condominiums International, LLC. The Global Registry, LLC provides
expertise and services in vacation ownership exchange and rental including technology, concierge service, travel
agency and quality assurance. Resort Condominiums International, LLC, a leading global provider of travel and leisure
products and services, is a unit of Cendant Corporation (NYSE: CD), a global leader in business and consumer services
primarily in travel and real estate.
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Contact:
The Global Registry, LLC
Inna Shamis, 973/496-7021
inna.shamis@cendant.com
or
Abercrombie & Kent, Inc.
Pamela Lassers, 800/323-7308
plassers@abercrombiekent.com