Diamond Resorts International® Completes Strategic Acquisitions of Pacific Monarch Resorts and Island One
July 31 2013 - 11:55AM
Business Wire
DIAMOND RESORTS INTERNATIONAL®, a global leader in the
hospitality and vacation ownership industries, today 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 the Pacific 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.
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