Hilton Grand Vacations Completes Acquisition of Diamond Resorts

Hilton Grand Vacations Inc. announced today that it has completed the previously announced acquisition of Diamond Resorts International, Inc. from funds managed by affiliates of Apollo Global Management, Inc. funds managed by affiliates of Reverence Capital Partners, and other Diamond stockholders. The acquisition creates the largest upper upscale and luxury timeshare operator in a stock-based transaction 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 strategic combination creates the most expansive industry offering, leveraging HGV’s strong brand and net owner growth along with Diamond’s diverse network of locations and strength in experiential offerings. With a total of 710,000 owners, 48 sales centers, and over 20 new markets, HGV anticipates significant value creation from scale.

The acquisition also diversifies HGV’s product offering and will drive revenue growth across an expanded customer demographic. The combined company is expected to generate over $125 million in run-rate cost synergies within the first 24 months of operating.

Appointment of Apollo Directors

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. Sambur and van Hoek were previously board members of Diamond prior to its acquisition by HGV.