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Sol Meliá toasts Vacation Club profits

Sol Meliá Vacation Club, in its third year of operations, is already celebrating a banner 2007 with its nine-month profitability 61% above an already 2006 record year.This success is owed, in part, to the widespread success of new projects in Mexico, Puerto Rico, Spain, the Dominican Republic and Central America.
The Orlando-based company, which is part of Spain-based Sol MeliáHotels & Resorts, is reporting a total revenue increase of 44% percent for the first nine months of 2007, over the same nine-month period of 2006. SMVC total revenue is expected to be around $130 million this year. The overall improvement in revenues, coupled with improved costs and operating expense efficiencies, has resulted in an improved EBITDA margin of 38% in the first nine months of 2007, compared to 31% the same period 2006.
” Sol Meliá Vacation Club continues its success with record sales and some of the highest operating margins within the vacation ownership industry,” said Alain Grangé, Chief Executive of Sol Meliá Vacation Club and Sol Meliá Leisure Real Estate. “With over 20,000 active members since our inception, SMVC is rapidly growing its portfolio of international resort locations and is a strengthening force of Sol Meliá‘s overall leisure real estate focus.”
In 2007, Sol Meliá Vacation Club will have opened new projects at the ME by Meliá in Cancun, the Gran Meliá Puerto Rico, Paradisus Punta Cana in the Dominican Republic and Meliá Gorriones in Fuerteventura, Canary Islands, Spain; and additional new projects are slated to open in 2008 in Europe and the Americas. It also launched its deluxe 4-bedroom villas product which is marketed and sold as a multiple weeks package.
“SMVC has been profitable since its first quarter of business, from vacation club sales, member and network operations, rental and Club portfolio,” continued Grangé. “The success of Sol Meliá Vacation Club, together with Sol Meliáhotels, is based on having one culture, one goal and a great understanding of each other’s business, as well as an understanding of our consumers’ expectations.”
Sol Meliá Vacation Club is an internationally-branded membership club that focuses on providing leisure lifestyle experiences that include exotic destinations, designer-appointed luxury accommodations, exclusive services and unforgettable amenities. The leisure lifestyle concept is designed to provide members with an entire lifetime of leisure experiences to meet their ever changing needs. All members have access through SMVC to stay at all Sol Meliá‘s hotels and resorts worldwide, including those in destinations such as Paris, London, Madrid, Rome and more.