Apollo, the company that owns Diamond Resorts, has told Hilton it wants to buy their timeshare arm and will pay a premium to do so.
Hilton Grand Vacations is said to be worth $2.4 Billion and Apollo Global Management has informed the timeshare giant they are planning a purchase offer.
The New York Post reports that Apollo has given Hilton Grand Vacations three options: It would offer to buy HGV at a premium to its share price, merge the company with Diamond Resorts or sell shares in HGV.
Apollo have not released any figures as yet, but the post reports Apollo could pay as much as $36 a share which is 28% more than its current value. This could be an enticing offer for HGV as the company reported losses of more than 10% for the first quarter of the year. It seems Apollo may want to combine Diamond Resorts and HGV in an attempt to cut costs.
Last year Marriott purchased ILG for $4.7 Billion, creating the worlds largest timeshare provider with 650,000 members and over 108 resorts. This merger would combine HGV’s 250,000 members with Diamond’s 200,000 and could potentially create the second biggest merger in the timeshare industry.
People who enter into Timeshare agreements often find it difficult to keep up with the mounting maintenance fees and simply cannot afford it any longer. They may also find that the Timeshare no longer suits their needs and simply want to end the contract. There are too many individuals who are willing to take advantage of Timeshare owners and offer fake products, along with Timeshare exit schemes. Before agreeing to any Timeshare termination or exit procedure with an individual or company, seek independent advise and fully research any company you are thinking of working with.
It is also important to remember that purchasing a Timeshare should NEVER be viewed as a financial investment. Timeshare is an investment in lifestyle, in future holidays and family time together. There is almost no resale value to a Timeshare.
The mis-selling of holiday products is, unfortunately, common practice within the holiday industry and these type of crimes often go unreported by the most vulnerable in our society and criminal convictions are few and far between.
If you have purchased a Lifestyle / Concierge Service, a Timeshare or a ‘Holiday Points’ based product from a resort or company and feel unhappy with the service, or feel you have been mis-sold this product, please get in touch with us to discuss how we may be able to help you with a possible Timeshare Termination.