Company type | Subsidiary |
---|---|
Industry | Vacation Ownership, Timeshare |
Founded | 1992 |
Headquarters | Las Vegas, Nevada, U.S. |
Number of locations | 56 resorts (Many slated to be rebranded to Hilton brands) |
Area served | Worldwide |
Key people | Stephen J. Cloobeck, (Founder) Michael Flaskey (CEO) [1] [2] |
Products | Vacation Ownership, Timeshare |
Revenue | $230.7 million (EBITDA, 2013) [3] |
Owner | Hilton Grand Vacations |
Website | diamondresorts |
Diamond Resorts is a wholly owned subsidiary of Hilton Grand Vacations. Diamond Resorts was an independent timeshare and vacation ownership company until it was purchased by HGV in 2021. Following the purchase, Diamond's resorts became part of HGV's resort portfolio, and Diamond itself became a brand and subsidiary of HGV. The majority of Diamond Resorts have been or will be rebranded as Hilton vacation Club properties, however the original brand will continue to exist as some resorts are slated to retain the Diamond Resorts name.
Diamond Resorts launched the Diamond Resorts Invitational in 2013 to benefit Florida Hospital for Children. [4] Through the golf tournament, the company has raised a total of more than $3.1 million to the children's hospital. [5] In March 2018, the company announced it was sponsoring a new golf tournament, the Diamond Resorts Tournament of Champions, with the LPGA as an official season event.[ citation needed ]
In October 2015, DRI bought out Gold Key Resorts for $167.5 million. [6] This acquisition added five vacation ownership resorts in Virginia Beach, Virginia, and one in the Outer Banks, North Carolina. [6] That same month, Diamond Resorts pledged to match all new donations made to the Diamond Resorts International Foundation, a recognized 501(c)(3) organization, in 2017 up to $1 million to support Hurricane Irma relief efforts. [7]
Diamond Resorts acquired Intrawest Resort Club Group in November 2015, adding nine resorts and 22,000 members. After the acquisition, Diamond Resorts re-branded the Intrawest Resort Club Group as Embarc Resorts. [8]
On June 29, 2016, Apollo Global Management made a successful offer to purchase Diamond Resorts International. [9]
On December 23, 2016 Arizona Attorney General Mark Brnovich announced a settlement of $800,000 with Diamond Resorts. As part of the settlement, customers who bought their timeshares under false pretenses could relinquish them. [10]
Michael Flaskey was named chief executive officer of the company in March 2017. [11]
On January 18, 2018, the company underwent a brand refresh, updating its logo and officially dropping International from its name to be known as Diamond Resorts. [12]
Diamond Resorts announced in March 2018 that the company was partnering with the LPGA to launch the Diamond Resorts Tournament of Champions. [13] The tournament begins the LPGA's 2019 season and features tournament winners from the previous two LPGA seasons, along with celebrity participants. [14] The Diamond Resorts Tournament of Champions replaces the golf tournament the company previously sponsored, the Diamond Resorts Invitational.[ citation needed ] That same month, acquired Amber Vacation Club in March 2018 and will assume operations at Amber's managed resorts, Sunrise Ridge Resort in Pigeon Forge, Tennessee and Alhambra Villas and Alhambra at Poinciana in Kissimmee, Florida. [15]
In April 2018, Diamond Resorts announced it had acquired The Modern Honolulu, a boutique hotel in Honolulu, Hawaii. [16]
In January 2020, Diamond Resorts partnered with Highgate to rent units in two properties in New York City. [17]
In March 2021, Apollo Global agreed to sell Diamond Resorts to Hilton Grand Vacations [18] for $1.4 billion. [19] [20] The acquisition was completed on August 2, 2021. [21] [22]
The company's founder, Stephen J. Cloobeck, was featured in the fourth season premiere of the American reality television series Undercover Boss on January 15, 2012, marking the first time the head of a company previously featured in an earlier episode went undercover a second time. [23] [24] [25]
Property | Location |
---|---|
Bell Rock Inn | Sedona, Arizona |
Kohls Ranch Lodge | Payson, Arizona |
Los Abrigados Resort & Spa | Sedona, Arizona |
PVC at The Roundhouse Resort | Pinetop, Arizona |
Varsity Clubs of America - Tucson | Tucson, Arizona |
Desert Isle of Palm Springs | Palm Springs, California |
Palm Canyon Resort | Palm Springs, California |
Rivera Beach Resort | Capistrano Beach, California |
Rivera Oaks Resort & Racquet Club | Ramona, California |
Rivera Shores Resort | Capistrano Beach, California |
The Historic Crags Lodge | Estes Park, Colorado |
Alhambra Villas | Kissimmee, Florida |
Barefoot'n Resort | Kissimmee, Florida |
Bryan's Spanish Cove | Orlando, Florida |
Charter Club resort of Naples Bay | Naples, Florida |
Cypress Pointe Resort | Orlando, Florida |
Grand Beach | Orlando, Florida |
Liki Tiki Village | Winter Garden, Florida |
Orbit One Vacation Villas | Kissimmee, Florida |
Parkway International Resort | Kissimmee, Florida |
Polynesian Isles Resort | Kissimmee, Florida |
Varsity Clubs of America - South Bend | Mishawaka, Indiana |
The Suites at Fall Creek | Branson, Missouri |
Villas de Santa Fe | Santa Fe, New Mexico |
Beachwoods Resort | Kitty Hawk, North Carolina |
Fairway Forest Resort | Sapphire, North Carolina |
Sunrise Ridge Resort | Pigeon Forge, Tennessee |
Cedar Breaks Lodge & Spa | Brian Head, Utah |
Beach Quarters Resort | Virginia Beach, Virginia |
Boardwalk Resort and Villas | Virginia Beach, Virginia |
Greensprings Vacation resort | Williamsburg, Virginia |
Turtle Cay Resort | Virginia Beach, Virginia |
Alpine Club | Schladming, Austria |
Le Club Mougins | Mougins, France |
Royal Regency Paris Vincenness | Paris, France |
Palazzo Catalani | Lazio, Italy |
Vilar do Golf | Algarve, Portugal |
Los Amigos Beach Club | Mijas Costa, Costa del Sol, Spain |
Royal Oasis Club at Pueblo Quinta | Benalmádena, Costa del Sol, Spain |
Sahara Sunset | Benalmádena, Costa del Sol, Spain |
Cromer Country Club | Norfolk, England |
Pine Lake Resort | Carnforth, England |
The Kenmore Club | Perthshire, Scotland |
Thurnham Hall | Lancashire, England |
Woodford Bridge Country Club | Devon, England |
Wychnor Park Country Club | Staffordshire, England |
White Sands Beach Club | Arenal d'en Castell, Menorca |
Club Cala Blanca | Mogán, Canary Islands |
Club del Carmen | Puerto del Carmen, Canary Islands |
Jardines del Sol | Playa Blanca, Canary Islands |
Royal Sunset Beach Club | Costa Adeje, Tenerife, Canary Islands |
Royal Tenerife Country Club | Golf del Sur, Tenerife, Canary Islands |
Santa Barbara Golf and Ocean Club | Golf del Sur, Tenerife, Canary Islands |
Sunset Bay Club | Costa Adeje, Tenerife, Canary Islands |
Sunset Harbour Club | Costa Adeje, Tenerife, Canary Islands |
Sunset View Club | Golf del Sur, Tenerife, Canary Islands |
Diamond Resorts is notable for high-pressure sales tactics used to close sales and generate fees for consumers. [26] [27] Club members are charged yearly maintenance fees (including management fees), which are set by Diamond Resorts and which the FTC warns are likely to rise every year. [28] [29] Diamond Resorts's official 2014 SEC filing states that club members do not have the right to terminate membership, except in certain areas where consumers are protected by state law. [27] [30] [31] Jeff Weir, a Diamond timeshare owner and journalist covering the timeshare industry, told The New York Times , "In my experience, Diamond is much more ambitious, aggressive and downright nasty in their sales presentations compared to Marriott and Westin. Diamond just has an amazing reputation of being tough on people." [27]
Mike Flaskey, the company's current chief executive officer, spoke on Fox Business about how the company is shaking up its sales and marketing model to better meet traveler's desires. [32]
On December 23, 2016, Arizona Attorney General Mark Brnovich announced a settlement of $800,000 with Diamond Resorts over accusations that Diamond Resorts had violated the Arizona Consumer Fraud Act. Of the settlement funds, $650,000 were used for customer restitution. [10] Under the settlement, customers who had purchased timeshares in Arizona between January 1, 2011, and July 23, 2017, could be released from their timeshare, provided they gave a detailed description of deceptive statements or false promises made by Diamond Resorts employees during the sale. [33]
The Attorney General's website states that alleged misrepresentations were related to: [34]
- The amounts maintenance fees could increase annually (in some cases up to 25% each year);
- Consumers' ability to resell timeshares to the public;
- The existence of Diamond buy-back programs;
- Consumers' ability to rent out their timeshares for a profit; and
- Discounts on other travel needs.
— Attorney General Press Release
Hilton Worldwide Holdings Inc. is an American multinational hospitality company that manages and franchises a broad portfolio of hotels, resorts, and timeshare properties. Founded by Conrad Hilton in May 1919, the company is now led by Christopher J. Nassetta. Hilton is headquartered in Tysons, Virginia, United States.
A timeshare is a property with a divided form of ownership or use rights. These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and each owner of the same accommodation is allotted their period of time. Units may be sold as a partial ownership, lease, or "right to use", in which case the latter holds no claim to ownership of the property. The ownership of timeshare programs is varied, and has been changing over the decades.
Intrawest Resorts Holdings, Inc was a developer and operator of destination resorts and a luxury adventure travel company. The company was founded in 1976 as a privately funded real estate development company. In 2006, Intrawest was purchased by Fortress Investment Group, a private equity investment company, which resulted in the company being delisted from the Toronto Stock Exchange and New York Stock Exchange. Fortress was under financial pressure related to the Intrawest debt, but a new loan with a single lender was completed in April 2010 and all prior lenders were repaid in full.
The Disney Vacation Club (DVC) is a vacation timeshare program owned and operated by Disney Vacation Development, Inc., a subsidiary of Disney Signature Experiences, a division of Disney Experiences, a segment of The Walt Disney Company. It allows buying a real estate interest in a DVC resort via a flexible points-based membership system. There are an estimated 220,000 club members.
Bonnet Creek Resort is a development in the southeast corner of Walt Disney World. The land, which is not owned by Disney, is bordered on three sides by Disney-owned land and on the fourth side by Interstate 4. It is surrounded by the Bonnet Creek nature preserve and is named after Bonnet Creek, which runs through the property. The entrance is located on Buena Vista Drive, just east of the entrance to Disney's Riviera Resort.
Marriott Vacation Club is the primary timeshare brand of Marriott Vacations Worldwide Corporation. The brand comprises around 70 Marriott Vacation Club properties throughout the United States, Caribbean, Central America, Europe, and Asia. Marriott Vacation Club resorts consist of one, two, and three-bedroom villas, with more than 400,000 owners.
Travel + Leisure Co. is an American timeshare company headquartered in Orlando, Florida. It develops, sells, and manages timeshare properties under several vacation ownership clubs, including Club Wyndham, WorldMark by Wyndham, Margaritaville Vacation Club, and Accor Vacation Club. The company also provides timeshare exchange services, primarily through RCI, and travel clubs including Travel + Leisure GO.
Hilton Grand Vacations Inc. is a multi-national company that is based in Orlando, Florida, United States. It manages and operates the Hilton Worldwide timeshare and vacation ownership brands under an exclusive licensing agreement with Hilton Worldwide. HGV was formerly a wholly owned subsidiary of Hilton Worldwide until it was spun off into a publicly traded company in 2017. Even though HGV is an independent company post spin-off, Hilton Worldwide still retains full ownership of the Hilton Grand Vacation Club, Hilton Vacation Club, and Hilton Club brands that HGV manages and operates for them. These timeshare brands are all part of Hilton Worldwide's portfolio of 22 hotel and resort brands.
Bluegreen Corporation is an American private vacation ownership brand that is currently a wholly owned subsidiary of Hilton Grand Vacations. The company provides vacations at 50 owned or managed resorts on a time-share basis, with alternative resort and cruise options available through upselling and third-party exchanges. Bluegreen makes its services available to other resort operators on a fee-for-service basis.
Grupo Vidanta is a Mexican conglomerate involved in design, construction, financing, and operation and maintenance of hotels, resorts, cruises, and associated infrastructure. It also owns and operates the Mar de Cortés International Airport. Grupo Vidanta was founded by Daniel Chávez Morán in 1974 and is headquartered in Nuevo Vallarta, Mexico. The group has 25,000 employees and an estimated annual revenue of US$750 million.
Marriott Vacations Worldwide Corporation is a pure-play public timeshare company. Formerly a division of Marriott International, Marriott Vacations Worldwide was established as a separate, publicly traded entity focusing primarily on vacation ownership in November 2011. Marriott Vacations Worldwide runs more than 120 resorts with over 700,000 Owners and Members. Its brands include Marriott Vacation Club, Marriott Vacation Club Pulse, Grand Residences by Marriott, and The Ritz-Carlton Destination Club. The Company also operates Interval International, which offers an exchange network and travel membership programs through a network of more than 3,200 affiliated resorts in over 90 countries and territories.
Mark Brnovich is an American attorney and politician who was the 26th Attorney General of Arizona from 2015 to 2023. A member of the Republican Party, he was an unsuccessful candidate for its nomination in the 2022 U.S. Senate election in Arizona. He is married to Susan Brnovich, a United States district judge of the United States District Court for the District of Arizona.
The Diamond Resorts Invitational was a PGA Tour Champions Challenge Season event and celebrity golf tournament, played at Tranquilo Golf Club at Four Seasons in Orlando, Florida, and benefited Florida Hospital for Children. The tournament began as a celebrity-only tournament in 2013 and in 2017, the tournament was made a PGA Tour Champions Challenge Season event. The 2018 event featured a field of 28 PGA Tour Champions and 4 LPGA Tour professionals, and 50 celebrity amateur golfers. The tournament was a no cut 54-hole event, and used the Modified Stableford scoring system. Over the years, the tournament helped raise more than $3.1 million for Florida Hospital for Children.
Nelly Korda is an American professional golfer who plays on the LPGA Tour, where she has won 14 times and reached number one in the Women's World Golf Rankings. Korda won the Olympic gold medal at the women's individual golf event at the 2020 Summer Olympics in Tokyo, Japan. She represented the United States at the 2019 Solheim Cup, 2021 Solheim Cup, 2023 Solheim Cup and won the 2024 Solheim Cup.
Elara is a 50-story timeshare building and non-casino hotel at 80 East Harmon Avenue in Paradise, Nevada, located behind the Planet Hollywood resort that operates on the Las Vegas Strip.
Michael A. Flaskey, known as Mike Flaskey, is an American businessman and the current CEO of Hornblower Corporation. Flaskey is also the founder & chairman of the board of Mike Flaskey Entertainment, and former chief executive officer of vacation ownership company Diamond Resorts. He is the founder and is the former executive director of the Diamond Resorts Invitational and the Diamond Resorts Tournament of Champions, and the founder of the Hilton Grand Vacations Tournament of Champions, which is held annually in Orlando, Florida. Flaskey is also the founder of the Invited Celebrity Classic golf tournament, a PGA Tour Champions-sanctioned event.
The Arizona Consumer Fraud Act (ACFA) is a package of Arizona state laws that give protections to consumers in almost any kind of transaction related to the sale or advertisement of merchandise. Both the state and a private citizen may bring action under the act, however a private citizen's lawsuit must be brought within one year from the date of the claim.
Park Hotels & Resorts is a real estate investment trust (REIT) focused on hotel properties, based in Tysons, Virginia. It was formed in 2017 as a spin-off from Hilton Worldwide.
The Hilton Grand Vacations Tournament of Champions is a women's professional golf tournament on the LPGA Tour in Florida. It debuted in 2019 at the Four Seasons Golf & Sports Club Orlando in Lake Buena Vista, Florida. The tournament field is limited to winners on LPGA Tour events in the previous two years. As is the case in the past, there is also a pro-am and celebrity tournament, like its predecessor. The top amateurs during the midweek pro-am are invited to play in the main tournament. Each professional is paired with two celebrities or amateurs in the groupings, and celebrities change per round. A Stableford-based system is used for the celebrities and amateurs.
The 2022 LPGA Tour was the 73rd edition of the LPGA Tour, a series of professional golf tournaments for elite female golfers from around the world. The season began at the Hilton Grand Vacations Tournament of Champions, in Lake Buena Vista, Florida, on January 20, and ended on November 20, at the Tiburón Golf Club in the CME Group Tour Championship at Naples, Florida. The tournaments were sanctioned by the United States–based Ladies Professional Golf Association (LPGA).
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