ResortQuest Hawaii is one of the companies being proposed for a spinoff by IAC/InteractiveCorp as media and Internet mogul Barry Diller breaks the company into five separate corporations.

IAC yesterday announced it was spinning off four companies and giving their ownership to shareholders. ResortQuest Hawaii will become part of a company called Interval International, which will also include CondoDirect and VacationSource.com.

Diller, who attempted to created a premier Internet conglomerate by acquiring dozens of Web firms, said the companies will benefit from standing on their own with their own capital structure. The separately traded shares of each company will give them the ability to offer stock and options to attract talent and make acquisitions, while investors will have a clearer picture of each company's focus.

"Interval," Diller said in the announcement, "will be flat out a great stand-alone company."

Diller will remain as head of IAC, which is being pared down to a little more than 30 brands. These include search engine Ask.com, dating service Match.com, local content site CitySearch, invitation company Evite, and other firms such as Shoebuy.com and Gifts.com.

Other companies being spun off to shareholders include HSN and related catalog/Web sites, Ticketmaster and LendingTree. The proposed spinoffs are subject to certain conditions but are expected to be completed by the second or third quarter of 2008.

ResortQuest Hawaii, which at one time operated Aston Hotels & Resorts, offers accommodations at 26 hotels and all-suite condominium resorts.