kailua kona hawaii real estate

Fairfield Resorts Acquires Kona Hawaiian Village; Company's First Ever Hawaii Resort Compliments New Alliance With Outrigger Hotels

Business & Travel Editors

HONOLULU & ORLANDO, Fla.--(BUSINESS WIRE)--July 30, 2002

Fairfield Resorts, the world's largest vacation ownership company with more than 450,000 owners, today announced that it has acquired Kona Hawaiian Village, an RCI Gold Crown Resort, from Kona Hawaiian Vacation Ownership, LLC (KHVO), a Hawaii-based timeshare developer.

Terms of the acquisition were not disclosed.

The 33-acre development overlooking Kahului Bay in Kailua-Kona is Fairfield's first-ever resort in the Hawaiian Islands, and will be operated by Outrigger Enterprises, which will assume all on-site resort management responsibilities. Sales and marketing operations at Kona Hawaiian Village will be integrated into Fairfield. The resort management contract marks the first collaborative effort between Fairfield and Outrigger under their new strategic alliance.

"We look forward to providing our owners with their first opportunity to vacation with Fairfield Resorts in Hawaii," said Franz Hanning, president and CEO, Fairfield Resorts. "Kona Hawaiian Village will be an exceptionally popular addition to our growing resort portfolio. With its distinctive historically-authentic design, we believe Kona Hawaiian Village will be a premier resort for those seeking to enjoy the rich culture and traditions of the Hawaiian Islands."

Kona Hawaiian Village is Hawaii's only purpose-built vacation ownership resort with a design reminiscent of an authentic Hawaiian village circa 1930. The luxury resort is currently in its first phase of development with 72 units available for occupancy. When completed, Kona Hawaiian Village will consist of 270 bungalow-style suites, as well as pools, spas and a cultural center to perpetuate the language, history and traditions of the Hawaiian Islands. Fairfield anticipates that Kona Hawaiian Village will be integrated into FairShare Plus, Fairfield's highly successful points-based ownership program, within the next 90 to 120 days.

"I am very proud of what the entire Kona Hawaiian Village team has accomplished thus far," said John Stevens, CEO of KHVO. "With the marketing prowess of Fairfield behind this resort, the original vision of a Hawaiian territorial period themed resort will be brought to fruition."

Fairfield's acquisition of Kona Hawaiian Village follows its recently announced strategic marketing and development alliance with Outrigger Enterprises, Inc., the largest full-service hospitality company in Hawaii. The companies are examining possible co-branding and cross marketing opportunities at Kona Hawaiian Village and other Hawaii locations.

About Fairfield Resorts

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. http://www.fairfieldresorts.com.

About Adventure Resorts

Based in Kailua-Kona, Hawaii, Adventure Resorts, Inc. is a privately held company engaged in the development, marketing, sale, financing and management of purpose built, fee simple vacation ownership. http://www.konahawaiianvillage.com.

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