Hilton Grand Vacations Inc. - HGV STOCK NEWS

Hilton Grand Vacations (NYSE:HGV) opened the 2022 LPGA Tour season with the record-breaking Hilton Grand Vacations Tournament of Champions, held from January 20-23 in Orlando, Florida. The event saw nearly three times the ticket sales compared to previous years, with a purse of $1.5 million, a 25% increase from 2021. LPGA player Danielle Kang took the Professional Title while Derek Lowe won the Celebrity Title. The company announced a $100,000 donation to the ANNIKA Foundation to support female golfers.

Hilton Grand Vacations Inc. (NYSE:HGV) announces its partnership with the LPGA for the 2022 Hilton Grand Vacations Tournament of Champions, taking place from January 20-23 at Lake Nona Golf & Country Club in Orlando, Florida. This year, the tournament features an increased purse of $1.5 million, up from $1.2 million in 2021. Nearly 30 LPGA star athletes, including Nelly Korda and Jessica Korda, will compete alongside various celebrity participants. This event aims to enhance visibility for women’s golf and foster greater fan engagement.

Hilton Grand Vacations (NYSE:HGV) has successfully refinanced and increased its revolving credit facility from $800 million to $1 billion. Currently, $699 million remains accessible. CFO Dan Mathewes noted that this enhancement in the credit facility reflects the company's ongoing optimization of its capital structure, particularly following its acquisition of Diamond Resorts. The funds will be used for working capital and general corporate purposes.

Hilton Grand Vacations Inc. (NYSE:HGV) reported strong Q3 2021 results, with contract sales reaching $433 million. Legacy-HGV sales were $290 million, 81% of Q3 2019 levels, while Diamond contributed $143 million during its 59-day ownership. Total revenues surged to $928 million from $208 million YoY, with net income of $99 million compared to a loss of $7 million in Q3 2020. Adjusted EBITDA also increased to $340 million from $19 million. HGV achieved $70 million in annualized cost synergies from the Diamond acquisition, exceeding half of its $125 million target.

Hilton Grand Vacations (NYSE:HGV) has announced a star-studded concert series for the 2022 Tournament of Champions, featuring artists such as Sheryl Crow and Boyz II Men. The event, taking place at Lake Nona Golf & Country Club in Orlando from January 18-22, will showcase performances alongside a unique golfing format, blending LPGA Tour winners and celebrity players. The tournament offers a prize pool of $1.2 million for professionals and $500,000 for celebrities. This event signifies HGV's commitment to enhancing guest experiences while launching the LPGA Tour season.

Hilton Grand Vacations (NYSE:HGV) announced the soft opening of Maui Bay Villas, its first property on Maui, enhancing its portfolio in Hawaii to ten locations. The oceanfront resort features 31 initial suites, with a total of 388 planned by 2027. Key amenities include a pool and fitness center. Significant infrastructure improvements were made to the local community, alongside a commitment to sustainability through water-efficient appliances and landscaping with native plants. Approximately 50 full-time jobs have been created, with future hiring expected.

Hilton Grand Vacations (NYSE:HGV) will announce its third quarter 2021 financial results on November 9, 2021, before the market opens, followed by a teleconference at 11 a.m. ET. Investors can listen live via the HGV Investor Relations website. For phone access, call 1-877-407-0784 (U.S./Canada) or +1-201-689-8560 internationally, 15 minutes prior to the start. A replay will be available three hours after the call until November 16, 2021. HGV, headquartered in Orlando, Florida, is a renowned timeshare company, developing high-quality vacation ownership resorts worldwide.