Hilton Grand Vacations Completes Acquisition of Diamond Resorts
Hilton Grand Vacations has completed the previously announced acquisition of Diamond Resorts International, creating the largest upper upscale and luxury timeshare operator in a stock-based transaction with an equity value of approximately $1.4 billion, according to a press release from Hilton Grand Vacations.
“The acquisition of Diamond Resorts further strengthens HGV’s position as an industry leader, and we are excited to welcome more than 380,000 new owners into our family,” said Mark Wang, president and CEO of Hilton Grand Vacations. “Our combined 154 resorts and luxury properties will create the premier timeshare network for our members and guests, while positioning us to drive long-term shareholder value.”
This strategic combination creates the most expansive industry offering, leveraging HGV’s brand and net owner growth along with Diamond’s diverse network of locations and strength in experiential offerings. Hilton Grand Vacations now will have 710,000 owners, 48 sales centers and more than 20 new markets.
The acquisition used funds managed by affiliates of Apollo Global Management, funds managed by affiliates of Reverence Capital Partners and other Diamond stockholders, the release said.
As previously announced, the Company’s Board of Directors is expanding from seven to nine members, with the addition of two directors designated by Apollo: David Sambur and Alex van Hoek, who both were previously board members of Diamond prior to its acquisition by HGV.
Hilton Grand Vacations’ portfolio currently includes Maui Bay Villas in Kīhei, which is “anticipated to open in September 2021,” according to the company’s website.