Sorry if this has been covered elsewhere, but how would a sale impact owners at properties like Elara? As I recall, HGV is only a partial owner there. Would each property make a choice about whether to go with the new company or breakaway?
Short answer - a sale of HGV does little to change the management contract dynamic that exists at each property.
Each property already makes this decision on a regular basis; HGV does not have a management contract in perpetuity. At many properties, the ownerships they hold as a developer gives them effective control of the Board of each property and thus there's little risk of them losing their contract. This would continue as the new owner would gain these positions. What could affect things is those independent Board members that are fans of HGV could sour on a new owner and try to push their Boards to select a different company to manage their property.