Diamond Resorts International Completes Acquisition of Gold Key Resorts and Delivers More Exciting Vacation Destinations
October 19 2015 - 8:30AM
Business Wire
Expands its offerings on the East Coast adding
two new locations and six new resorts
Diamond Resorts International, Inc. (NYSE:DRII), announced today
that it has completed the previously disclosed acquisition of the
vacation ownership business of Gold Key Resorts, adding five
vacation ownership resorts in Virginia Beach, VA and one in the
Outer Banks, NC. The acquisition adds two new East Coast locations
to Diamond Resorts, bringing its global portfolio to a total of 99
managed resorts.
David Palmer, President and Chief Executive Officer, Diamond
Resorts International, said, “We are pleased to have completed this
acquisition, which expands our presence on the East Coast and
brings to Diamond Resorts a large owner base. We are confident that
we can further accelerate the profitable growth of the Gold Key
business through synergies and innovation. We look forward to
providing these new vacation destination choices to our members,
owners and guests, providing them with more opportunities to Stay
Vacationed, and helping them create memorable vacation experiences
in Virginia Beach and the Outer Banks.”
Similar to the rest of Diamond Resorts’ North America and
Caribbean business, virtually all of Gold Key Resorts’ sales are to
customers in the United States and Canada and transacted in U.S.
dollars. This addition will enhance existing North American and
Caribbean operations, which account for more than 90% of Global VOI
Sales.
Virginia Beach, an East Coast vacation hotspot, boasts the
Virginia Beach Boardwalk, a three mile, 28-foot wide icon dating
back to 1888, which has been named in the top “Best American
Boardwalks” by USA Today Weekend, Discovery Channel, Southern
Living and Coastal Living. With proximity to the boardwalk, Gold
Key's properties offer easy access to all the entertainment and
recreation offerings in Virginia Beach. The property in Kitty Hawk,
NC was purchased in 2014 and is undergoing extensive improvements
to reposition it as a world-class, all--season resort destination
in the Outer Banks.
The Gold Key resorts are in the following locations:
- Beach Quarters Resort in
Virginia Beach, VA
- Turtle Cay Resort in Virginia
Beach, VA
- Boardwalk Resort and Villas in
Virginia Beach, VA
- Ocean Beach Club Resort in
Virginia Beach, VA
- Oceanaire Resort in Virginia
Beach, VA
- Beachwoods in Kitty Hawk,
NC
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements,
including statements related to the closing of the transaction
discussed in this release and the performance of the acquired
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. These statements can be
identified by terminology such as “will,” “expects,” “anticipates,”
“future,” “intends,” “plans,” “believes,” “estimates” or other
similar statements, but these words are not the exclusive means for
identifying such statements. Forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Factors
that could cause actual results to differ materially from those in
the forward-looking statements include: general economic
conditions, the economic environment for the hospitality industry,
our ability to maintain an optimal inventory of vacation ownership
interests, and risks associated with this acquisition, including
any difficulty in integrating operations and personnel, disruption
of ongoing business and increased expenses, as well as the risks
described in Diamond’s filings with the United States Securities
and Exchange Commission including Diamond’s Annual Report on Form
10-K and subsequent reports on Form 10-Q and Form 8-K. Given the
risks and uncertainties, you are cautioned not to place undue
reliance on these forward-looking statements. These forward-looking
statements are made only as of the date hereof. 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.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151019005427/en/
Media:Diamond Resorts CorporationStevi Wara, 702-823-7069Fax:
702-684-8705media@diamondresorts.comorInvestors:Sloane &
CompanyErica Bartsch, 212-446-1875ebartsch@sloanepr.com
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