August 14, 2000 - The Accor Première Vacation Club will be radically different from previous timeshare schemes, with the points-based system offering members great flexibility in their choice of accommodation styles, destinations and timings.

Suite and apartment-style accommodation will be offered across a selection of Accor�s extensive portfolio of four and five star hotels in Australia and New Zealand. Initially, this will include the Grand Mercure and Novotel brands, with new products to be developed by the joint-venture.

Mr David Baffsky, Chairman of Accor Asia Pacific, calls the new venture �an exciting milestone�.

�Accor and Becton have done extensive research on the global vacation ownership market and its market appeal in Australia, and we estimate there is the potential for annual sales in the vicinity of $400 million per annum in Australia,� said Mr Baffsky. 

To demonstrate the joint venturers� commitment to the new enterprise, a national roll-out of offices is planned for the Accor Première Vacation Club, starting with a Queensland branch opening in October, followed by offices in New South Wales then Victoria. Around 200 staff will be employed by the Accor Première Vacation Club by the end of 2001.

�The combination of our established reputation in the tourism sector and Becton�s property experience will enable the Accor Première Vacation Club to deliver quality product and service,� Mr Baffsky said.

Mr Joe Sita has been appointed Chief Executive Officer of Accor Première Vacation Club (APVC).  Mr Sita was the General Manager of Development at Accor Asia Pacific and has been integral in the expansion of Accor in the Asia-Pacific region. He will be supported by a senior management team with over 50 years experience in the timeshare industry.

For prominent development company Becton, the joint venture respresents an integral part of its expansion strategy. 

With more than 25 years experience within the tourism sector in investment, construction and development, Becton has been researching the international vacation ownership market.

Chairman of Becton, Mr Max Beck, said �Becton & Accor have built a strong relationship through past successful dealings including the development of the Novotel Glen Waverley, and we both identified this as an exciting new venture based upon our extensive analysis of the vacation ownership market.  We are confident that the Accor Première Vacation Club will be embraced by the Australian market.�

World-wide, sales of vacation ownership memberships totalled more than US$7 billion last year, with more than 5 million people being members of vacation ownership programs. This figure is growing at a rate of 17 per cent compounded per annum. Industry research has shown that owners are satisfied with branded timeshare, with more than 80 per cent satisfied with their current vacation ownership and indicating they would buy again.

Vacation ownership is particularly successful in the United States of America, with sales at almost US$4 billion in 1999. The vacation ownership sector is now the fastest growing sector of the USA�s tourism industry and is valued at four times that of the country�s steel industry.