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If we have a two bedroom through Interval as exchange, can we lock off the unit?

Yes, you can lock off the studio portion of the 2 bedroom. At check in, the other couple will get their own keys and give a credit card to have on file for any charges they will have for the week. Even though you are not the owners, I do not see why it would be an issue. It's not like you are going to charge for the studio portion of the rental.