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HGVC to partner with Blackstone, purchase share of Elara

SmithOp

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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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Talent312

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I noticed that they made no mention of the poor, orphaned Westgate owners.
Their status as "strangers in a strange land" will thus continue.

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“A desire not to butt into other people's business is at least 80% of all human wisdom.” ― Heinlein.


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1Kflyerguy

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Overall I think this is good news. Move inventory is almost always better, plus Elara is probably my favorite location in Vegas.

I assume that does not change anything with the Westgate owners. I can't see Westgate letting those owners just switch to HGVC.

Plus i am not sure if you could even convert some weeks of unit to a different club.
 

SmithOp

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They could be nice and offer a large conversion fee to join the club...:)


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1Kflyerguy

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They could be nice and offer a large conversion fee to join the club...:)


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Yes, but doesn't that only work if Westgate allows the owners to leave their system? I assume the Westgate owners at Elara still have to pay annual fees etc to Westgate.. From what i have read, they are not known for being the most charitable TS company...
 

GregT

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What was HGVC's relationship to Elara previously? Were they just the property manager, and now they own the unsold units?

Best,

Greg
 

SmithOp

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What was HGVC's relationship to Elara previously? Were they just the property manager, and now they own the unsold units?

Best,

Greg

Yes, management and sales.


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buzglyd

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And the Queen of Versailles just dreams of what could have been. . .
 
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