Closing of Acquisitions Concurrent with Completion of Company’s Initial Public Offering
LAS VEGAS, NV (August 1, 2013) — DIAMOND RESORTS INTERNATIONAL®, a global leader in the hospitality and vacation ownership industries, has announced the closing of two strategic acquisitions, adding Island One and the remaining portion of Pacific Monarch Resorts to Diamond’s network. Diamond has acquired the management contracts for each company’s properties, and added Island One’s owner families to Diamond’s portfolios. Diamond had previously acquired Pacific Monarch’s other management agreements and owner families in 2012. The closings of both acquisitions were contingent upon the completion of Diamond’s initial public offering, which closed on July 24, 2013.
“We are thrilled to complete these transactions, which together add 9 new properties, 13 new property management arrangements, and over 25,000 owner families to our network,” stated David F. Palmer, Diamond Resorts President and CEO. “Coinciding with our initial public offering, these transactions will benefit our business by adding significant cash flow to our hospitality management segment and enhancing our owner base while enabling us to drive cost synergies. These types of acquisitions represent an excellent strategic growth platform for our business, and we look forward to fully integrating these resorts and their owners into the Diamond Resorts family.”
The Pacific Monarch Resorts transaction was paid for with cash proceeds from Diamond’s initial public offering, while the Island one acquisition was paid for in shares of Diamond’s common stock.
Diamond had previously consummated a transaction with Pacific Monarch Resorts that added a substantial portion of that company’s assets, including their resorts and their approximately 75,000 owners to the Diamond network. With the closing of this second phase of the transaction, Diamond will now assume full management over all of thePacific Monarch Resorts, including the Cabo Azul Resort in San José del Cabo, Mexico. Diamond had also previously entered into an interim agreement with Island One Resorts to assume management control of its business. With the consummation of the acquisition, Diamond has assumed full operating control of the Island One business and added its approximately 25,000 owners to the Diamond Resorts family.
Monarch Resorts properties include:
- Palm Canyon Resort and Spa in Palm Springs, CA
- Riviera Beach and Spa Resort in Capistrano Beach, CA
- Riviera Oaks in Ramona, CA
- Riviera Shores Resort in Capistrano Beach, CA
- Monarch Grand Vacations-Cancun Las Vegas Resort in Las Vegas, NV
- Monarch Grand Vacations in Laguna Hills, CA
- Cabo Azul Resort in San José del Cabo, Mexico
Island One has the following resorts :
- Parkway International Resort in Kissimmee, FL
- Barefoot’n in the Keys at Old Town in Kissimmee, FL
- The Cove on Ormond Beach – North Tower in Ormond Beach, FL
- The Cove on Ormond Beach – South Tower in Ormond Beach, FL
- Charter Club Resort of Naples Bay in Naples, FL
- Bryan’s Spanish Cove in Orlando, FL
- Orbit One Vacation Villas in Kissimmee, FL
- Liki Tiki Village in Winter Garden, FL
- Crescent Resort on South Beach in Miami Beach, FL
About Diamond Resorts International®
Diamond Resorts International®, with its network of more than 300 vacation destinations located in 33 countries throughout the continental United States, Hawaii, Canada, Mexico, the Caribbean, South America, Central America,Europe, Asia, Australia and Africa provides guests with choices and flexibility as they design their dream vacation, whether they’re traveling an hour away or around the world. Our hassle-free, relaxing vacations give guests a truly memorable experience every time, for a lifetime.
Diamond Resorts International® manages vacation ownership resorts and sells vacation ownership points that provide our members with access to 92 managed resorts, 210 affiliated properties and four cruise itineraries through THE Club® at Diamond Resorts International®. To learn more, visit DiamondResorts.com.
Source: Diamond Resorts International