The Company recently sold off its partially owned division, VIP International Corporation ("VIP"), the third largest central reservation services company worldwide and with which it has a Strategic Alliance Partnership. VIP International provided hotel reservation and marketing services to over 1600 hotels worldwide in 64 countries.
Included in the strategic alliance with VIP is the allocation to Executive Hotels & Resorts of being the exclusive hotel management and brand company marketed and sold to all VIP hotel clients worldwide via VIP's extensive sales force. In short, the combined business of VIP and Executive is to sell and promote the Executive Hotels & Resorts management and brand services and the VIP reservation system to hotels and resorts worldwide.
