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One of Nation’s Top Homebuilders Enters Fractional Market

Miami‚ FL‚ May 6‚ 2005 – Interval International and ICI Homes announced that they have entered into a long-term master affiliation agreement that includes Lighthouse Key Resort & Spa and The Resort at Osceola Trace in Orlando‚ Florida‚ as well as all future vacation ownership properties. With the announcement of these two luxury resorts‚ the well-known Daytona Beach–based developer makes its entrance into the fractional market. The company has established a reputation for quality during the 25 years it has built thousands of semi- and custom homes in northern and central Florida.

Ground has been broken on phase one of Lighthouse Key Resort & Spa‚ which upon completion in 2010‚ will consist of 600 two–‚ three–‚ and four-bedroom units that range from 1‚257 to 2‚357 total square feet. Each unit will include deluxe touches such as plasma televisions‚ designer kitchens with granite counter tops‚ crown molding‚ and whirlpool tubs. The 33–acre resort property features a large resort pool situated on Raccoon Lake‚ a high-end spa‚ 50–seat theatre‚ and a sundries shop. Owners will also have access to concierge services and daily housekeeping.

The Resort at Osceola Trace is slated to begin construction in the first quarter of 2006 with an estimated opening in 2007 and will feature 870 town homes and two–‚ three– and four– bedroom units.

Both resorts will be sold in four–week increments‚ as well as whole ownership interests. “Interval offers its clients‚ who include traditional timeshare‚ fractional‚ and condo–hotel developers‚ the highest–quality exchange program and years of experience in every aspect of program development‚” said Craig M. Nash‚ chairman and chief executive officer of Interval International‚ a leading global vacation exchange company. “We welcome ICI Homes to the industry and look forward to supporting its entrance into the expanding fractional market.”

“Because we are new to the vacation ownership business‚ we sought the expertise and resources of the industry’s quality leader‚” said Charlie O’Sullivan‚ market president of ICI Homes. “We made the decision to affiliate with Interval because it will meet our owners’ expectations for outstanding service and exceptional vacation experiences.”

Further reinforcing the value of ownership at ICI’s resorts‚ all new purchasers become members of Interval Gold® – the industry’s first and foremost value–added‚ membership upgrade program. This entitles them to enjoy an extensive array of discounts and services‚ including access to a personal concierge service available 24 hours a day – seven days a week‚ and worldwide hotel and dining discounts provided by best–in–class hospitality and travel industry vendors. Interval Gold members have the opportunity to exchange their accommodations for those at other resorts in Interval’s worldwide network‚ as well as the ability to relinquish their resort weeks toward the purchase of cruise‚ golf and spa vacations. In addition‚ members also receive quarterly travel magazines and newsletters‚ printed and electronic international resort directories‚ and a host of other privileges.

About Interval International

Since 1976‚ Interval International has led the vacation ownership industry with its hallmarks of quality and innovation. Interval has a global network of over 2‚000 resorts in 76 countries‚ and serves its developer clients and more than 1.7 million members – worldwide timeshare vacation owners – through 27 offices in 18 countries. Interval provides a variety of exchange services and year–round travel–related benefits to enhance member vacation experiences. Headquartered in Miami‚ Florida‚ Interval International is part of IAC‚ which operates leading and diversified businesses in sectors being transformed by the Internet‚ online and offline. Other IAC companies include Ticketmaster‚ HSN‚ Lending Tree‚ Citysearch‚ and Entertainment Publications.

About ICI Homes

ICI homes was established in 1980 and since that time has built thousands of homes throughout Florida. Ranked in the Top 100 Builders in the nation by Builder magazine‚ ICI has been at the forefront of the industry as the standard bearer of excellence. Always on the cutting edge of new home design and technology‚ ICI takes pride in offering a wide variety of architectural styles and floor plans to match each individual's lifestyle. The ICI family of affiliate companies employs more than 1‚000 people in land development‚ homebuilding‚ title insurance‚ golf course operations‚ utilities‚ mortgage lending‚ a lumber company and other exciting related businesses.“​

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Interval International, 6262 Sunset Drive, Miami, FL 33143