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http://www.hgv.com/hilton-grand-vac...rm-joint-venture-to-purchase-elara/index.html
ORLANDO, Fla. (July 19, 2017) – Hilton Grand Vacations Inc. (NYSE:HGV) (“HGV” or “the Company”) announces the formation of a joint venture with affiliates of Blackstone Real Estate Partners VIII L.P., which purchased Elara, a Hilton Grand Vacations Club. With 1,201 units, Elara is one of the world’s largest timeshare resorts. HGV will assume a 25 percent stake in the joint venture for approximately $40 million, which is expected to be accretive to HGV’s total adjusted EBITDA and EPS.
“Today’s acquisition advances one of our key strategic priorities that is growth through opportunistic business ventures, which allows us to continue to maximize shareholder value,” says Mark Wang, president and CEO, Hilton Grand Vacations. “By taking an ownership stake in Elara, which has more than 500 units of sellable inventory remaining, we are receiving a strong-performing consumer loan portfolio and unfinished penthouse floors.”
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ORLANDO, Fla. (July 19, 2017) – Hilton Grand Vacations Inc. (NYSE:HGV) (“HGV” or “the Company”) announces the formation of a joint venture with affiliates of Blackstone Real Estate Partners VIII L.P., which purchased Elara, a Hilton Grand Vacations Club. With 1,201 units, Elara is one of the world’s largest timeshare resorts. HGV will assume a 25 percent stake in the joint venture for approximately $40 million, which is expected to be accretive to HGV’s total adjusted EBITDA and EPS.
“Today’s acquisition advances one of our key strategic priorities that is growth through opportunistic business ventures, which allows us to continue to maximize shareholder value,” says Mark Wang, president and CEO, Hilton Grand Vacations. “By taking an ownership stake in Elara, which has more than 500 units of sellable inventory remaining, we are receiving a strong-performing consumer loan portfolio and unfinished penthouse floors.”
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