Diamond Resorts International Announces Joint Venture with China Travel International and Dorsett Hospitality International
February 12 2015 - 11:52AM
Business Wire
Diamond Resorts International, Inc. (NYSE: DRII) announced that
it has signed a definitive agreement with China Travel
International Investment Hong Kong Ltd. (HKEx Stock Code 00308) and
Dorsett Hospitality International Limited (HKEx Stock Code 2266),
forming a joint venture to create, market, sell and service
vacation packages and associated benefits (including vacation
ownership) to customers in Asia.
“We are excited to be a part of this new joint venture,” said
David F. Palmer, President and Chief Executive Officer of Diamond
Resorts International. “At Diamond Resorts, we believe in the power
of vacations to improve and enrich people’s lives. Through our new
venture, we will bring new, customized vacation products to Asian
consumers. We are delighted to be partners in this venture with
China Travel and Dorsett Hospitality, two successful companies with
established track records providing superior hospitality to Asian
consumers.”
“We see strong and growing demand for vacation travel in China
and Asia and are delighted to be able to work with our renowned
partners Diamond Resorts and Dorsett Hospitality in this joint
venture to offer quality vacation products and services tailored to
the travel lifestyle of our valued customers,” said Jeremy Xu,
Executive Director & General Manager of China Travel
International.
“With China Travel’s stronghold in China and additional offices
in Asia, Europe, North America and Oceania, which is in line with
Dorsett Hospitality International’s ‘Chinese Wallet’ strategy,
coupled with Diamond Resorts International’s destinations in 34
countries and Dorsett Hospitality International’s aggressive growth
plan not only within Asia but beyond, I am confident that this
joint venture will enable us to tap onto each other’s expertise,
market space and will offer travellers a whole new travel and
hospitality experience,” said Winnie Chiu, President and Executive
Director of Dorsett Hospitality International.
The joint venture agreement provides for China Travel
International Investment Hong Kong Ltd., through an affiliate, to
hold a 40% interest in the joint venture, and each of Diamond
Resorts International, Inc., through an affiliate, and Dorsett
Hospitality International Limited, through an affiliate, to hold a
30% interest in the joint venture. However, each party will have
equal representation on the venture’s board of directors, and
governance of the venture will be shared equally. The execution of
the joint venture agreement begins the development phase of the
venture; a launch date for the venture’s products was not
announced.
About Diamond Resorts International®
Diamond Resorts International®, with its network of more than
300 vacation destinations located in 34 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 relaxing vacations have the power to give guests an
increased sense of happiness and satisfaction in their lives, with
truly memorable and meaningful experiences that let them Stay
Vacationed.™
Diamond Resorts International® manages vacation ownership
resorts and sells vacation ownership points that provide members
and owners with Vacations for Life® through 93 managed resorts, 210
affiliated properties and cruise itineraries. To learn more, visit
www.diamondresorts.com.
About China Travel International
China Travel International is an investment holding company
engaged in operation of travel destinations (including hotels,
theme parks, natural and cultural scenic spots and leisure
resorts), travel agency and related business operations, passenger
transportation, arts performance and power generation.
About Dorsett Hospitality International
Dorsett Hospitality International currently owns and manages 22
hotels in China, Hong Kong, Malaysia and London under three
distinct brands, namely the mid to upscale Dorsett Hotels &
Resorts, the d.Collection comprising a range of charismatic
boutique hotels, and the value-led Silka Hotels.
Cautionary Notes
This press release contains forward-looking statements related
to a new joint venture in Asia, including statements regarding the
anticipated launch of the venture’s business. These forward-looking
statements are covered by the “Safe Harbor for Forward-Looking
Statements” provided by the Private Securities Litigation Reform
Act of 1995. We have tried to identify these forward looking
statements by using words such as “expect,” “anticipate,” “plan,”
“will,” “would,” “should,” “could,” “believe” or similar
expressions, but these words are not the exclusive means for
identifying such statements. We caution that a number of risks,
uncertainties and other factors could cause actual results or
performance to differ materially from those expressed in, or
implied by, the forward-looking statements. Except as expressly
required by the federal securities laws, we undertake no obligation
to update or revise any forward-looking statements, whether as a
result of new information, changed circumstances or future events
or for any other reason.
Media:Diamond Resorts International, Inc.Stevi Wara,
1-702-823-7069Fax:
1-702-684-8705media@DiamondResorts.comorInvestor:Sloane &
CompanyErica Bartsch, 1-212-446-1875ebartsch@sloanepr.com
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