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. The Company still operates
EXECUDEX central reservation system.
In today's competitive environment, there has been an increased emphasis
on improving the operating efficiencies and marketability of existing properties
and repositioning them in the market through capital improvements and brand
affiliation. The management and branding expertise the company has employed
in the redevelopment and repositioning of its contracts with hotels and
resorts has led to the increased success of those properties and in turn,
the relatively quick growth of the company.