IFA Hotels & Resorts (IFA HR) today announced the company’s 1st half year results with a loss of KD 4,968,422 million (US$ 17,372,712 million). Shareholders’ equity of KD 66,129,532 million (US$ 231,230,225 million) compared to KD 66,893,521 million (US$ 244,851,834 million) for the same period last year. The company’s total assets have increased 18% to KD 393,147,155 million (US$ 1,374,688,468).

Ibrahim S. Al-Therban, Chairman of IFA HR, stated: “The new recommendations of the International Accounting Standards Committee (IASC) that are adopted by the company have had an impact on the revenue in comparison to the previously applied methods, where the methodology of Company income is based on the percentage of project completed.”

The International Accounting Standards Committee (IASC) applications, might have a negative effect on the company results in the short term, however it will enhance the company’s transparency policy and enables shareholders and investors to understand and compare financial information for companies around the globe.

“The first half of this year has witnessed the launch of a selection of IFA HR luxury properties which include three Private Residence Clubs in Thailand covering Bangkok, Pattaya & Phuket as part of our expansions in the Asian market as well as the launch of the second hotel condominium ownership product in the Middle East, the Fairmont Palm Jumeirah in Dubai. Further projects such a Fairmont Residence-Palm Jumeirah(Dubai) and Al-Abadiyah Hills in Lebanon  are in their final stages of development which will be completed in the second half of this year.” added Talal Jassim Al-Bahar, Vice Chairman and CEO of IFA HR. .

The launch of three new Thai-based Private Residence Clubs comes as part of IFA HR’s expansion plans in the Asian market due to its high potential for unique real estate products.  The Heights Private Residence Club in Phuket, Northpoint Private Residence Club in Pattaya and The River Private Residence Club in Bangkok are developed by luxury condominium developer Raimon Land in which IFA HR has a 41.07% stake.

IFA Hotels & Resorts (IFA HR) launched its second hotel condominium ownership product in the Middle East. Situated within the five-star Fairmont Palm Jumeirah hotel in Dubai, the new offering is of particular interest to investors wishing to diversify their property portfolio with a unique real estate option that combines both the business of guaranteed rental returns and strong capital growth potential with the pleasure of a hassle-free vacation property
Al-Bahar concluded: “The focus in the remaining part of the year will be on completing and delivering our existing projects according to our strategic plan. We will also continue the search for unique investment opportunities that will maximize our shareholders returns. We are looking forward for a better result in the second half of the year.”

IFA Hotels & Resorts (IFA HR) announced today the launch of three new Thai-based Private Residence Clubs: The Heights Private Residence Club in Phuket, Northpoint Private Residence Club in Pattaya and The River Private Residence Club in Bangkok. The Clubs are developed by luxury condominium developer Raimon Land in which IFA HR has a 41.07% stake.

Werner Burger, President and COO of IFA HR said: “Our strength lies in our proven ability to create products that meet a wide range of client needs in a number of sought-after destinations. Working with Raimon Land to add three Private Residence Clubs to our Thai portfolio takes us beyond our existing foothold in the residential sector and further expands our lifestyle product offering in Asia, a key market in our global development strategy.”

Each home within the Private Residence Clubs is divided into saleable fractions of 1/13th. This fraction entitles owners to enjoy a minimum of 21 days per year at the Club in which they purchase as well as unlimited use of space available time.  Additionally, owners will have access to a greater network of properties through the IFA Collection and The Registry Collection program. Ownership is in perpetuity and can be sold at any time.

Private Residence Clubs represent the top tier of Fractional Ownership products and are among the fastest growing sectors of the real estate and hospitality industries. It is an innovative form of ownership that appeals to those who want the security and advantages of an equity-based private club along with the benefits of owning luxuriously appointed, prime real estate.

Hubert Viriot, Chief Executive Officer of Raimon Land said: “The design, implementation and launch of Private Residence Clubs presented a unique opportunity to diversify our portfolio without diluting our focus on luxurious residential experiences. We also had the benefit of working closely with our major shareholder IFA Hotels & Resorts who have successfully developed and sold a variety of investment and lifestyle products around the world, including several Private Residence Clubs within the IFA Collection.”

Jeff Tisdall, Managing Director, RCI Middle East; Hubert Viriot, Raimon Land CEO; Piaras Moriarty, Vice President Client Management with IFA Hotels & Resorts

The IFA Collection consists of a luxury portfolio of international properties developed by IFA Hotels & Resorts, an international specialist in the development of mixed-use resorts

Piaras Moriarty, Vice President Client Management with IFA HR, said: “Owners in the Clubs will have access not only to their selected property in Thailand, but can also exchange their days for access to over 160 properties through the IFA Collection and The Registry Collection program. Likewise, the addition of these Private Residence Clubs provides our IFA Collection clients access to three great new vacation options in Thailand.”

Each of the Thai Private Residence Clubs offers a sanctuary of elegance and sophistication specifically created to cater to the desires of its owners, which have been designed, constructed and finished by the very best award-winning teams in Asia and are furnished and equipped to the highest international standards. Owners also enjoy unparalleled service when in residence with dedicated staff available to pre-stock kitchens, book leisure excursions or make dining reservations and arrange babysitters, laundry, transportation and even a private chef when required.

“We are extremely excited by the expansion of the IFA Collection into Asia and by the addition of the Raimon Land developed resorts,” said Geoff Ballotti, President and CEO, Group RCI.  “IFA Hotels & Resorts and Raimon Land and are synonymous with quality and these three extraordinary properties offer the level of luxury vacation experience we aim to deliver to our members through The Registry Collection program.”

The Heights Private Residence Club – IFA Collection in Phuket is nestled atop the hillside above Kata Beach with stunning views of the Andaman Sea. The units have large open terraces, expansive living areas, and the seamless spill-over of indoor into outdoor spaces. A wide range of recreational choices are available at the club house, including a fitness centre, a free-form infinity pool, lap pool, kid’s pool sun deck and Jacuzzi – a culmination of visionary island-living.

The River Private Residence Club – IFA Collection in Bangkok will offer an unrivalled choice of condominiums, lofts and penthouses in two unique and iconic towers along the Chao Phraya. Facilities include state-of-the-art fitness centres, sky gardens, riverfront infinity pool and 50-meter lap pool complete with superb dining and entertainment experiences on the riverfront podium and terrace.

Northpoint Private Residence Club – IFA Collection in Pattaya soars above the sands of prestigious Wong-Amat Beach with easy access to world class amenities, a wide variety of recreational and entertainment choices, and over 20 championship golf courses. The Point features an exceptional mix of residences from 1-3 bedroom luxury units to breathtaking duplexes and penthouses.

About IFA Hotels & Resorts
IFA Hotels & Resorts is a leader in real estate development, specialising in premier integrated and mixed-use hotel and tourism resort projects throughout the Middle East, Europe, Africa, the Indian Ocean region, Asia and North America. IFA Hotels & Resorts offers exclusive branded residential, resort and hotel properties in exotic locations, with sound appreciating investment opportunities across the globe which include a yacht ownership club, a jet ownership club, vacation clubs and Private Residence Clubs. IFA Hotel & Resorts’ current portfolio consists of 46 projects in total, of which 20 are hotels, with over 13,750 keys across 13 countries in 4 continents.
www.ifahotelsresorts.com

About Raimon Land
Raimon Land is a listed company on the stock Exchange of Thailand with a primary focus in the residential development sector. Raimon Land’s list of award-winning projects includes: Northpoint, The Heights Phuket, The Lofts Sathorn, The Lakes and The Legend Saladaeng.  Its major shareholder is IFA Hotels & Resorts.
www.raimonland.com

About The Registry Collection
The Registry Collection® Exchange Program is a global network comprising over 35,000 members and more than 130 affiliates on five continents. The more than 160 properties available through the programme are either accessible for exchange or under development. As the world’s largest luxury exchange programme, The Registry Collection Program provides members with access to an elite global network of the very finest vacation properties at some of the world’s premier destinations, as well as personal concierge services that are available 24-hours a day.  From condo hotels and high-end fractional resorts to private residence clubs and fractional yachts, The Registry Collection Program facilitates exchanges around the world and redefines the vacation experience for owners and developers. The Registry Collection Program is offered by Group RCI, the worldwide leader in vacation exchange and the European leader in vacation rentals and one of the Wyndham Worldwide family of companies (NYSE: WYN). For additional information, visit the media centre at www.grouprci.com

The Registry Collection® exchange program, the world’s largest luxury exchange program and one of the Wyndham Worldwide family of brands (NYSE: WYN), today announced the addition of three private residence clubs to its worldwide network. Each of the three private residence clubs developed by Raimon Land are located in Thailand and have been added through the IFA Collection, providing members with full access to the IFA network as well as The Registry Collection program.

Conceived by renowned designer Hans Brouwer, founder of HB Design and a former protégé of Sir Norman Foster, the new resorts include The Heights Private Residence Club in Phuket, The River Private Residence Club in Bangkok and Northpoint Private Residence Club in Pattaya.

Raimon Land plans to initiate sales by first releasing The Heights Private Residence Club – IFA Collection, with priority registration commencing at the Alternative Ownership Conference Hotels & Resorts – Asia Pacific 2009 in Phuket, Thailand, on October 12-13.

The IFA Collection consists of a luxury portfolio of international properties developed by IFA Hotels & Resorts, a major shareholder in Raimon Land and an international specialist in the development of mixed-use resorts.

“We are extremely excited by the expansion of the IFA Collection into Asia and by the addition of the Raimon Land developed resorts,” said Geoff Ballotti, president and CEO, Group RCI. “Raimon Land is synonymous with quality and these three extraordinary properties offer the level of luxury vacation experience we aim to deliver to our members through The Registry Collection.”

“We are very proud to see the continued growth of the IFA Collection and to add these unique properties to our growing portfolio of luxury destinations,” added Piaras Moriarty, VP Client Management IFA Hotels & Resorts. “Our goal is to offer our members the finest vacation destinations in the world, and our partnership with The Registry Collection and Raimon Land ensures that our members receive exactly the world-class luxury travel experience they desire.”

The Heights Private Residence – IFA Collection in Phuket is nestled atop the hillside above Kata Beach with stunning views of the Andaman Sea, inspired by a contemporary expression designed to complement the site’s unique natural environment. The units have large open terraces, expansive living areas, and the seamless flow of indoor into outdoor spaces, reflect the modern-Asian design of the site. There is a wide range of recreational choices at the club house, including a fitness centre, a free-form infinity pool, lap pool, kid’s pool sun deck and Jacuzzi – a culmination of visionary island-living.

The River Private Residence Club – IFA Collection in Bangkok offers an unrivalled choice of condominiums, lofts and penthouses in two unique and iconic towers. The prime location along the Chao Phraya offers commanding unobstructed views and the units are espoused to create an environment of unprecedented privacy and exclusivity. Facilities include state-of-the-art fitness centres, sky gardens, riverfront infinity pool and 50-metre lap pool complete with superb dining and entertainment experiences on the riverfront podium and terrace.

Northpoint Private Residence Club – IFA Collection in Pattaya soars above the sands of prestigious Wong-Amat Beach with easy access to world-class amenities, a wide variety of recreational and entertainment choices, and over 20 championship golf courses. The Point features an exceptional mix of residences from one-, two- and three-bedroom luxury units to breathtaking duplexes and penthouses. Residents can choose to indulge in its tiered horizon pools, relax on spacious sun-drenched decks, enjoy lush gardens, sail away to island hideaways, explore endless water sports options or savour exquisite cuisine at the al fresco dining or the breathtaking Sky Gardens.

Adrian Lee, Managing Director of Group RCI Asia, is very pleased about the new addition to the portfolio. “The Registry Collection represents superbly-appointed accommodations at the most desirable resort destinations in the world and the addition of these fine properties in Bangkok, Phuket and Pattaya are a perfect complement to our growing program. The style, feel, design and sense of place at these properties in Thailand are in essence what The Registry Collection is all about. We are very pleased to welcome the IFA Collection to the Asia Pacific region, and look forward to working with IFA and Raimon Land,” said Lee.

“We are excited to be working with IFA Hotels and Resorts and The Registry Collection,” added Hubert Viriot, Chief Executive Officer of Raimon Land. “In addition to the extraordinary private residence club locations we have developed in Thailand’s leading destinations and IFA Collection itself, our members will enjoy access to luxury vacations worldwide through The Registry Collection. The Registry Collection designation is important to us as it reinforces the highest standards of quality and luxury which is so important to our customers.”

About Raimon Land
Raimon Land is a listed company on the stock Exchange of Thailand with a primary focus in the residential development sector. Raimon Land’s list of other award-winning projects include: The Lofts Sathorn, The Lakes and The Legend Saladaeng.  Its major shareholder is IFA Hotels & Resorts.
www.raimonland.com

About IFA Hotels & Resorts
IFA Hotels & Resorts is a leader in real estate development, specialising in premier integrated and mixed-use hotel and tourism resort projects throughout the Middle East, Europe, Africa, the Indian Ocean region, Asia and North America. IFA Hotels & Resorts offers exclusive branded residential, resort and hotel properties in exotic locations, with sound appreciating investment opportunities across the globe which include a yacht ownership club, a jet ownership club, vacation clubs and Private Residence Clubs. IFA Hotel & Resorts’ current portfolio consists of 46 projects in total, of which 20 are hotels, with over 13,750 keys across 13 countries in 4 continents.
www.ifahotelsresorts.com

About The Registry Collection
The Registry Collection® exchange program is a global network comprising over 35,000 members and more than 130 affiliates on five continents. The more than 160 properties available through the program are either accessible for exchange or under development. As the world’s largest luxury exchange program, The Registry Collection program provides members with access to an elite global network of the very finest vacation properties at some of the world’s premier destinations, as well as personal concierge services that are available 24-hours a day.  From condo hotels and high-end fractional resorts to private residence clubs and fractional yachts, The Registry Collection program facilitates exchanges around the world and redefines the vacation experience for owners and developers. The Registry Collection program is offered by Group RCI, the worldwide leader in vacation exchange and the European leader in vacation rentals and one of the Wyndham Worldwide family of companies (NYSE: WYN). For additional information, visit the media centre at www.grouprci.com.