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.
What is going on with Diamond Resorts?
It’s officially official: Hilton Grand Vacations’ $1.4 billion acquisition of Diamond Resorts has closed. As we previously reported in March, when the merger was first announced, the deal caused shockwaves through the timeshare industry.
When did Hilton buy Diamond Resorts?
On Aug. 2, Hilton Grand Vacations Inc. completed the previously-announced acquisition of Diamond Resorts International Inc. According to a press release, the stock-based transaction has equity value of approximately $1.4 billion for the timeshare resorts.
For those who are eligible, Transitions™ by Diamond Resorts may offer members and owners an easy and respectful way to relinquish all or part of your vacation ownership, providing you with the opportunity to transition out of vacation ownership.
Did Wyndham buy diamond?
Image owned by Hilton Grand Vacations. It’s been a major year for timeshare. First, Wyndham Destinations purchased (and rebranded itself as) iconic travel brand Travel + Leisure for $100 million. Now, Hilton Grand Vacations has purchased Diamond Resorts from Apollo Global Management for $1.4 billion.
Who is the owner of Diamond Resorts?
(Aug. 2, 2021) – Hilton Grand Vacations Inc. (NYSE:HGV) (“HGV” or the “Company”) announced today that it has completed the previously announced acquisition of Diamond Resorts International, Inc. (“Diamond”) from funds managed by affiliates of Apollo Global Management, Inc.
Wyndham Vacation Resorts is one of the world’s most popular timeshare companies. The company is a member of the Wyndham Worldwide family of companies, and currently works with more than 900,000 owners.
How many owners does Diamond Resorts have?
Diamond’s 92 leisure resorts and nearly 400,000 owners uniquely complement HGV’s 62 upscale and luxury properties and over 325,000 owners, and the combination will create the premier vacation ownership company with the broadest offering in the industry.
What happens if you stop paying Diamond Resorts?
Failure to pay the maintenance fees results in the resort foreclosing on the property and selling it at auction to recover money owed. You may face a judicial or non-judicial foreclosure. … Non-judicial foreclosures, which are more common in California, provide the lender with a quicker foreclosure option.
Can you cancel Diamond Resorts membership?
If a consumer desires to end their timeshare ownership, the only safe and legal way to do this is directly with their developer. Some cancellation companies discourage consumers from using Diamond programs available to its owners to make changes to their contracts.
Can I sell my diamond resort points?
Resale Information: Unfortunately, Diamond Resorts has restricted the ability to resell THE Club points on the secondary market. Diamond requires that all resale buyers must upgrade their points with the developer.
How old is Stephen Cloobeck?
Stephen J. Cloobeck (born October 26, 1961) is an American businessman and substantial donor to the Democratic Party.
Who did Hilton merge?
HGV and Diamond previously announced the proposed merger on March 10, 2021, pursuant to which they agreed to combine to create the largest upper upscale and luxury timeshare operator, comprised of 710,000 owners and 154 resorts and properties.
Is Apollo selling diamond resorts?
Apollo Global Management and Reverence Capital Partners have agreed to sell Diamond Resorts International to Hilton Grand Vacations for about $1.4 billion.