Diamond Resorts Announces New Hawaii Development
July 29 2015 - 4:05PM
Business Wire
144 Unit Resort in Kona to be Built by Och-Ziff
Real Estate; Supports Significant Additional Inventory upon
Completion
Diamond Resorts International, Inc. (NYSE:DRII) announced today
that it has entered into an agreement with an affiliate of Och-Ziff
Real Estate for the development of a new resort in Kona, Hawaii.
The resort will be developed consistent with Diamond’s approach to
sourcing inventory in a capital-light, cost efficient manner. The
resort is expected to offer 144 units.
Commencement and delivery of the project is subject to certain
conditions precedent and rights of Och-Ziff Real Estate including
completion of due diligence, completion of design and site plans,
and obtaining required permits. Subject to such conditions being
satisfied, the units will be delivered on a phased schedule, with
the first units expected to be delivered in the first quarter of
2017.
David Palmer, President and CEO of Diamond stated, “We are
thrilled to be working with Och-Ziff Real Estate to bring into our
Hawaii Collection a fantastic new resort. We are consistently
looking for opportunities to complement our inventory recapture
program through structures that add inventory in an efficient
manner. We anticipate that this resort, when completed, will
provide us with inventory to support over $400 million of total VOI
sales, with attractive potential returns on investment.
Importantly, we will be able to further capitalize on our
recently-opened Kona sales center when the resort is
completed.”
Steven Orbuch, President of Och-Ziff Real Estate, stated, “We
are excited about the opportunity to work with Diamond on this
innovative transaction and look forward to developing a long-term
relationship that helps grow Diamond’s inventory in this
manner.”
About Diamond Resorts International®
Diamond Resorts International® (NYSE: DRII), with its network of
more than 330 vacation destinations located in 34 countries
throughout the continental United States, Hawaii, Canada, Mexico,
the Caribbean, South America, Central America, Europe, Asia,
Australasia and Africa, provides guests with choice and flexibility
to let them create their dream vacation, whether they are 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, while feeling healthier and more
fulfilled in their relationships, by enjoying 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® at over 330 managed and
affiliated properties and cruise itineraries.
About Och-Ziff Real Estate
Och-Ziff Real Estate, an affiliate of Och-Ziff Capital
Management Group LLC (NYSE:OZM, www.ozcap.com), is a New York based
alternative asset manager with a focus on real estate and real
estate related opportunities. Och-Ziff Capital Management Group is
one of the largest institutional alternative asset managers in the
world, with approximately $46.8 billion in assets under management
as of July 1, 2015 and offices in New York City, London, Hong Kong,
Mumbai, Dubai, Beijing, and Shanghai.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements related
to the development of a new resort in Kona, Hawaii, including
statements regarding the anticipated size and cost of the
development and the anticipated delivery timeframe for the
development. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150729006215/en/
Media:Diamond Resorts InternationalStevi Wara,
1-702-823-7069Fax:
1-702-684-8705media@diamondresorts.comorInvestor:Sloane &
CompanyJosh Hochberg, 1-212-446-1892jhochberg@sloanepr.com
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