Hilton Grand Vacations Inc. - HGV STOCK NEWS

Hilton Grand Vacations (NYSE:HGV) has announced the opening of The Beach Resort Sesoko by Hilton Club on October 5, 2021, on Sesoko Island, Okinawa. This marks the first vacation ownership property in Okinawa, designed to enhance HGV's investment in the APAC region. The resort will provide HGV owners access to unique local experiences and breathtaking natural beauty. The facility features 140 rooms with ocean views, a private pool, and various amenities. The opening week will include cultural activities and gourmet food tastings, promoting the beauty and culture of Okinawa.

Hilton Grand Vacations (NYSE:HGV) has partnered with Habitat for Humanity International, announcing a $100,000 donation to support employee volunteer projects for home builds and repairs across the U.S. The initiative is part of HGV's corporate social responsibility program, HGV Serves, which focuses on affordable housing, disaster relief, and youth development. Employees will have opportunities to engage in volunteer work through 2022, enhancing community support and outreach efforts. HGV's CEO, Mark Wang, emphasized the company’s commitment to creating access to affordable shelter.

Hilton Grand Vacations (HGV) announced a multi-year partnership with the LPGA to host the Tournament of Champions at Lake Nona Golf & Country Club from January 20-23, 2022. This tournament, previously known as the Diamond Resorts Tournament of Champions, showcases LPGA Tour winners alongside celebrities, offering unique fan engagement experiences. HGV's recent acquisition of Diamond Resorts has positioned it as a leading timeshare operator, enhancing its brand and resort portfolio. The tournament will feature a $1.2 million purse for professionals and a $500,000 purse for celebrities.

Hilton Grand Vacations (NYSE:HGV) has opened a new urban timeshare property called The Central at 5th by Hilton Club in Manhattan, featuring 161 units including studios and penthouses. This launch reinforces HGV's position as a leader in New York's urban timeshare market, following the recent opening of The Quin by Hilton Club after a $50 million renovation. The company emphasizes its commitment to expanding in New York City, providing amenities designed for owners' comfort and a connection to the vibrant surroundings.

Hilton Grand Vacations (NYSE:HGV) has completed its acquisition of Diamond Resorts International from Apollo Global Management (NYSE:APO) and others, valued at approximately $1.4 billion. This deal positions HGV as the largest upper upscale and luxury timeshare operator in the industry. With more than 380,000 new owners added, the combined 154 resorts are expected to enhance long-term shareholder value. HGV anticipates generating over $125 million in cost synergies within two years, diversifying its offerings and expanding its market presence.

On July 30, 2021, Diamond Resorts announced the public release of its investor materials for the quarter ending June 30, 2021, in connection with its merger agreement with Hilton Grand Vacations (NYSE: HGV). The materials include quarterly reports, earnings summaries, and investor call transcripts. A replay of the earnings call is available until August 6, 2021. Diamond Resorts focuses on providing memorable experiences for its members through quality resorts and customer service.

Hilton Grand Vacations (NYSE:HGV) reported strong second quarter 2021 results with total revenues of $334 million, a significant increase from $123 million in Q2 2020. Contract sales reached $259 million, and the net income improved to $9 million from a net loss of $48 million a year prior. Adjusted EBITDA was $70 million compared to a loss of $19 million in 2020. The company aims to close the acquisition of Diamond Resorts imminently, further enhancing its market position. Overall, HGV is benefitting from increased leisure travel demand and operational improvements.

Hilton Grand Vacations Inc. (NYSE:HGV) announced that 95.6% of shareholders approved the issuance of approximately 34.5 million shares in connection with the acquisition of Diamond Resorts International, Inc. The transaction, valued at around $1.4 billion, is expected to close on August 2, 2021, pending customary conditions. This merger aims to establish the largest luxury timeshare operator, combining 710,000 owners and 154 properties. CEO Mark Wang emphasized that the acquisition will accelerate growth and enhance opportunities for team members, owners, and guests.