Hilton Grand Vacations Completes Acquisition of Diamond Resorts
Monday, August 2, 2021
Hilton Grand Vacations has just announced that it has officially completed the much-anticipated acquisition of Diamond Resort International.
The acquisition was made possible with funds managed by affiliates of Apollo Global Management, Inc., funds managed by affiliates of Reverence Capital Partner, and other Diamond stockholders. This incredible acquisition creates the largest upper-upscale and luxury timeshare operator in a stock-based translation with an equity value of approximately $1.4 billion.
“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 combination creates the most expansive offering in the industry and leverages Hilton Grand Vacations’ brand and net owner growth along with the Diamond Resorts’ diverse network of resort locations and many experiential offerings. There are 710,000 owners, 48 sales centers, and more than 20 new markets.
This acquisition will also diversify the product offers of Hilton Grand Vacations and will drive revenue growth across a larger customer demographic. The combined companies are expected to generate more than $125 million in run-rate cost synergies within the first 24 hours of operating.
Learn more about Hilton Grand Vacations on the company’s website and stay tuned for more updates.