Hilton Grand Vacations to Buy Bluegreen Vacations
Skift Take
- Hilton Grand Vacations is acquiring Bluegreen Vacations for approximately $1.5 billion, expanding its membership base and resort portfolio.
- HEI Hotels & Resorts takes over management of the Renaissance Times Square hotel in New York.
- Hyatt is collaborating with Parks Hospitality Holdings to develop four new properties in Mexico, including the Park Hyatt Cancun and Grand Hyatt Mexico Santa Fe.
The DJIA was up 35 points, Nasdaq was up 41, The S&P 500 rose 8 points and the 10 year treasury yield was up .10 to 4.66%. Lodging stocks were all over the place. HGV and BVH led the trading with BVH up 107% and HGV down -8%. VCSA was up 10%, VAC traded down to another new low, AHT was down -8% and PLYA fell -6% on the day.
Hilton Grand Vacations Inc. has entered into a definitive agreement to acquire Bluegreen Vacations for $75 per share in an all-cash transaction, representing a total consideration of approximately $1.5 billion, inclusive of net debt. The acquisition will increase HGV’s membership base from more than 525,000 to more than 740,000 and its resort portfolio from 150 to nearly 200 properties in 14 new geographies and eight new states. The transaction is expected to close during the first half of 2024 and $100 million in projected cost synergies are expected to be achieved in the first 24 months. The acquisition is also expected to expa
