Breaking News: Hilton Grand Vacations to Acquire Diamond Resorts

Exciting news for the vacation ownership industry as Hilton Grand Vacations has entered into an agreement to acquire Diamond Resorts. This acquisition will combine the largest independent timeshare company (Diamond Resorts) with the impressive reputation of the Hilton Grand Vacations brand.

The definitive agreement to acquire Diamond Resorts is from funds managed by affiliates of Apollo Global Management, Inc., funds managed by affiliates of Reverence Capital Partners, and other Diamond stockholders, in a stock-based transaction with an equity value of approximately $1.4 billion.

Under the terms of the agreement, the Apollo Funds and other Diamond stockholders will receive 34.5 million shares of Hilton Grand Vacations common stock, subject to customary adjustments.

This will further expand the resort portfolio of Hilton Grand Vacations into more than 20 new markets. As such, there will be additional drive-to destinations and sales centers to better serve current and prospective owners.

Diamond Resorts’ current 92 resort properties and nearly 400,000 owners will be a complimentary addition to Hilton Grand Vacations’ portfolio of 62 luxury resorts and more than 325,000 owners. This incredible combination will create the premier vacation ownership company with the most extensive offering for owners.

Mark Wang, president and CEO of Hilton Grand Vacations, commented on the acquisition:

“I’m excited to announce our transformational agreement to add Diamond Resorts to the Hilton Grand Vacations family, accelerating our next phase of growth. This strategic combination will leverage the strengths of each company, positioning us to drive significant Net Owner Growth while enhancing efficiencies of scale and generating significant shareholder value. Diamond’s extensive regional, drive-to network of resorts and expanded demographics uniquely complement HGV’s best-in-class lead generation, world-class hospitality, and premier destinations backed by the strength of the Hilton brand. For our valued team members, owners and guests, this combination creates new opportunities to provide exciting destinations and memorable vacation experiences while continuing to provide exceptional levels of service.”

Mike Flaskey, CEO of Diamond Resorts, also stated:

“Through this agreement, HGV and Diamond will create a new global standard of vacation ownership hospitality. Together, we will expand Diamond’s unique events and concert platform and deliver the broadest range of world-class experiences available in the industry, providing our members and owners with additional flexibility, unforgettable vacations and experiences of a lifetime. We are thrilled to join the HGV family and look forward to achieving new heights of excellence.”

Stay tuned for more updates regarding Hilton Grand Vacations and their acquisition of Diamond Resorts.