News Releases

Vacation Ownership Company with 92 Managed Global Resorts Using Looker and BigQuery to Establish Advanced Forecasting Models to Meet the Demands of Rapidly Changing Industry Conditions

LAS VEGAS (March 22, 2021) — Diamond Resorts®, a global leader in the hospitality, vacation ownership and entertainment industries, has deployed Google Cloud tools as part of a company-wide digital transformation. Diamond has been using Looker and BigQuery technology to accurately predict travel demand, monitor occupancy rates, track revenue and reduce expenses during the pandemic. With the help of real-time consumer insights, Diamond has been able to optimize the reopening plan for its global properties and meet the demands of rapidly changing industry conditions.

“While no one could have predicted the impact of the pandemic, we are thankful to have prioritized our company-wide digital transformation over the past few years,” said Mike Flaskey,
CEO of Diamond Resorts. “A key aspect of this was the implementation of Looker which has allowed us to quickly make data-driven decisions during a time of historic unpredictability.”
 
Since reopening its resorts at the end of May, Diamond has experienced strong demand and checked in more than 370,000 guests, finalizing more than $200 million in new vacation ownership interests. This demand is largely driven by millennial travelers as Diamond’s once-in-a-lifetime experiences — including private concerts and meet-and-greets with celebrities — appeal to a younger generation of members. As travelers continue to seek the additional space and professional management of “members-only” travel, vacation ownership is one of the most accessible ways for families to enjoy exclusive destinations and experiences.
 
By establishing Looker as an organization-wide business intelligence platform, Diamond Resorts can better track new reservations, reschedules and check-ins at resorts in real time. Using these insights, Diamond has identified the following key travel trends 2021:

• Post-Vaccine Demand: Bookings for the winter and spring are up 51% this year compared to Q2 2020 as travelers eagerly plan for post-vaccine travel. As immunizations increase, guest arrivals since mid-February are 17% higher than 2019 arrivals during the same time period. Known for providing its members with exclusive entertainment experiences, Diamond Resorts is also seeing strong demand for live private concerts in late 2021 and early 2022.
• On the Road Again: Drive-to destinations continue to be popular with travelers looking for short getaways. As of March 15, weekend occupancy rates at Diamond’s U.S. resorts have returned to pre-COVID-19 levels. More than 85% of Diamond members live within a 300-mile drive to a Diamond Resorts property.

Prior to utilizing Google Cloud machine learning, Diamond’s forecasting for availability was a multi-part process over a 28-day horizon. With Machine Learning, Diamond has been able to effectively automate this process and include additional data points to ensure highly accurate, real-time nightly room rates for transient hotel guests, without sacrificing additional margin.
 
To learn more about Diamond Resorts and the company’s enhanced Diamond Standard of Clean protocols visit DiamondResorts.com.

About Diamond Resorts

Diamond Resorts^® offers destinations, events and experiences to help members make a habit of breaking from the routine. From unforgettable getaways to exclusive concert series to VIP receptions and dinners, members turn to Diamond to recharge, reconnect and remind each other what matters most. Our focus on quality resorts, customer service and flexibility means members can return to a favorite resort, book a cruise to explore new countries or attend a once-in-a-lifetime event with the same level of confidence and anticipation. With access to a world of entertainment and activities, a Diamond membership ensures that people are always looking forward to vacation.

Media Contact
Anna Sczepanski
diamond@goldin.com
646-660-8646

Guests Can Unplug, Reconnect and Explore the Outdoors at 12 Resorts Across the Country in Scenic Beach, Mountain and Desert Destinations

MAR. 16, 2021 (LAS VEGAS, Nev.) – Diamond Resorts®, a global leader in the hospitality, vacation ownership and entertainment industries, announces new “Vacation Unplugged” packages for families seeking drive-to adventures for spring break getaways. Many of Diamond’s properties feature condo-style accommodations with multiple bedrooms and fully equipped kitchens. With several drive-to destinations, guests who book these packages can enjoy the outdoors from California to North Carolina.

The “Vacation Unplugged” package is available at 12 Diamond-managed properties across the U.S. Guests can ski the breathtaking mountains of Brian Head, relax in the Sedona desert or soak up the sun in Avila Beach, California. From now until March 31, travelers can use the offer code UNPLUG and enjoy 10% off their booking of any 2-night minimum stay through May 26, 2021.

“Now more than ever, we are looking for ways to reconnect with what matters most,” said Mike Flaskey, CEO of Diamond Resorts. “We are proud to offer our members, owners and guests the opportunity to get back to doing what they love with the people they love. We hope this package inspires travelers to plan their next road trip and discover the countless scenic, outdoor destinations across our country.”

Resorts participating in the “Vacation Unplugged” promotion include:

• Sedona, Arizona: Bell Rock Inn, Sedona Summit, Los Abrigados Resort & Spa and The Ridge on Sedona Golf Resort
• Payson, Arizona: Kohl’s Ranch Lodge
• Ramona, California: Riviera Oaks Resort & Racquet Club
• Avila Beach, California: San Luis Bay Inn
• Brian Head, Utah: Cedar Breaks Lodge
• Williamsburg, Virginia: Greensprings Vacation Resort, The Historic Powhatan Resort
• Branson, Missouri: The Suites at Fall Creek
• Kitty Hawk, North Carolina: Beachwoods Resort

Known for providing members with once-in–a-lifetime entertainment experiences, Diamond Resorts is also proud to be one of the first companies to resume intimate, live concerts under strict safety protocols. Diamond Resorts members will have special access to reserve seats for upcoming #DiamondLIVE concerts in Las Vegas, Orlando, Virginia Beach and Maui, featuring musicians such as Jana Kramer, Lee Brice, Colt Ford, Cole Swindell, Travis Tritt and others.

Diamond Resorts accommodations feel like home. Perfect for family vacations, they feature multiple bedrooms and bathrooms, spacious dining and living areas, and many offer fully equipped kitchens and in-suite laundry.

To learn more about Diamond Resorts and the company’s expanded Diamond Standard of Clean protocols visit DiamondResorts.com.

About Diamond Resorts

Diamond Resorts^® offers destinations, events and experiences to help members make a habit of breaking from the routine. From unforgettable getaways to exclusive concert series to VIP receptions and dinners, members turn to Diamond to recharge, reconnect and remind each other what matters most. Our focus on quality resorts, customer service and flexibility means members can return to a favorite resort, book a cruise to explore new countries or attend a once-in-a-lifetime event with the same level of confidence and anticipation. With access to a world of entertainment and activities, a Diamond membership ensures that people are always looking forward to vacation.

To learn more about Diamond Resorts, visit DiamondResorts.com or follow @DiamondResorts on Twitter, Facebook and Instagram. To learn more about the Diamond Resorts Tournament of Champions, visit DiamondLPGA.com and follow @TheVacationDR on Twitter and Instagram. Join the social conversation with #DiamondLPGA.

Media Contact
Anna Sczepanski
diamond@goldin.com
646-660-8646

Diamond May Continue Litigation Seeking to Hold Schroeter Goldmark Bender Liable for Preying on Timeshare Owners

MAR. 15, 2021 (LAS VEGAS, Nev.) – Diamond Resorts^®, a global leader in the hospitality, vacation ownership and entertainment industries, announces another legal victory in Diamond v. Timeshare Exit Team (formerly known as Reed Hein), Schroeter, Goldmark & Bender P.S. (“SGB”), and attorney Mitchell Reed Sussman. A U.S. District Court Judge has denied SGB’s motion to dismiss the lawsuit for false advertising under the Lanham Act, tortious interference, numerous violations of Nevada Deceptive and Unfair Trade Practices Act and conspiracy. The lawsuit alleges that the defendants use false and misleading advertising to induce timeshare owners to stop making payments on their timeshare contracts, while charging the unsuspecting victims thousands (and sometimes tens of thousands) of dollars in upfront fees in exchange for no legitimate service.

Timeshare Exit Team falsely presents a “legal” solution to cancel a timeshare, a deception furthered by the use of law firm SGB to send perfunctory representation letters to falsely suggest active involvement of a licensed attorney. Rather, as Diamond alleges, Timeshare Exit Team’s exit services amount to nothing more than instructing timeshare owners to cease making payments leading to foreclosure or loan default, damaging the owners’ credit – hardly a solution worth the many thousands of dollars of fees these defendants charge for it. SGB pointed to these token letters claiming they amounted to protected activity for which it could not be sued.

The Court disagreed, finding first that Nevada’s Anti-Strategic Lawsuit Against Public Participation (anti-SLAPP) statute does not apply to Diamond’s Lanham Act claim. Then the Court found that SGB did not show that Diamond’s state law claims attacked “good faith” communication in furtherance of a protected right. Indeed, the Court noted that SGB “did not state that each (or even any) of the representation letters were sent in anticipation of litigation…”  Finally, the Court concluded that Diamond has a probability of prevailing on SGB’s litigation privilege defense because “Diamond presented prima facie evidence that no litigation was anticipated or under serious contemplation by the owners or SGB on the owners’ behalf…”

“We’re unfortunately seeing a significant rise in the number of exit company scams that are preying on timeshare owners,” said Mike Flaskey, CEO of Diamond Resorts. “Our top priority is protecting our members from unscrupulous companies who try to take advantage of them.”

Diamond Resorts reminds its owners that Attorneys General are also warning consumers and working to stop the deceptive acts of these companies. In addition to Washington Attorney General Bob Ferguson’s lawsuit against Timeshare Exit Team, Missouri Attorney General Eric Schmitt filed two separate lawsuits against timeshare exit companies. Numerous other agencies have also warned consumers about timeshare cancellation companies including the Better Business Bureau (BBB). 

Diamond Resorts encourages timeshare owners who may be interested in adjusting their contracts to contact their developer for options. To learn more about red flags and report possible fraudulent third-party exit activity, visit TimeshareCancellationAwareness.com or responsibleexit.com. 

About Diamond Resorts

Diamond Resorts^® offers destinations, events and experiences to help members make a habit of breaking from the routine. From unforgettable getaways to exclusive concert series to VIP receptions and dinners, members turn to Diamond to recharge, reconnect and remind each other what matters most. Our focus on quality resorts, customer service and flexibility means members can return to a favorite resort, book a cruise to explore new countries or attend a once-in-a-lifetime event with the same level of confidence and anticipation. With access to a world of entertainment and activities, a Diamond membership ensures that people are always looking forward to vacation.

Media Contact
John Eddy
212-319-3451, ext. 648
diamond@goldin.com

Combines largest independent timeshare company with the strength of Hilton Grand Vacations’ brand and culture

Generates over $125 million in run-rate cost synergies, expected to be achieved in the first 24 months following close

Expands and diversifies HGV’s resort portfolio into over 20 new markets, adding additional drive-to destinations & sales centers while enhancing alignment with the Hilton network to widen customer reach

ORLANDO, Fla. (March 10, 2021) – Hilton Grand Vacations Inc. (NYSE:HGV) (“HGV” or “the Company”) today announced that it has entered into a definitive agreement to acquire Diamond Resorts International, Inc. (“Diamond”) from funds (the “Apollo Funds”) managed by affiliates of Apollo Global Management, Inc. (NYSE:APO) (together with its consolidated subsidiaries, “Apollo”), funds managed by affiliates of Reverence Capital Partners (“Reverence”), and other Diamond stockholders, in a stock-based transaction with an equity value of approximately $1.4 billion. Under the terms of the agreement, the Apollo Funds and other Diamond stockholders will receive 34.5 million shares of HGV common stock, subject to customary adjustments.

The acquisition will combine the strength of HGV’s brand and culture with Diamond, the largest independent timeshare operator. Diamond’s 92 leisure resorts and nearly 400,000 owners uniquely complement HGV’s 62 upscale and luxury properties and over 325,000 owners, and the combination will create the premier vacation ownership company with the broadest offering in the industry.

“I’m excited to announce our transformational agreement to add Diamond Resorts to the Hilton Grand Vacations family, accelerating our next phase of growth,” said Mark Wang, president and CEO of Hilton Grand Vacations. “This strategic combination will leverage the strengths of each company, positioning us to drive significant Net Owner Growth while enhancing efficiencies of scale and generating significant shareholder value. Diamond’s extensive regional, drive-to network of resorts and expanded demographics uniquely complement HGV’s best-in-class lead generation, world-class hospitality, and premier destinations backed by the strength of the Hilton brand. For our valued team members, owners and guests, this combination creates new opportunities to provide exciting destinations and memorable vacation experiences while continuing to provide exceptional levels of service.”

“Through this agreement, HGV and Diamond will create a new global standard of vacation ownership hospitality,” said Mike Flaskey, CEO of Diamond Resorts. “Together, we will expand Diamond’s unique events and concert platform and deliver the broadest range of world-class experiences available in the industry, providing our members and owners with additional flexibility, unforgettable vacations and experiences of a lifetime. We are thrilled to join the HGV family and look forward to achieving new heights of excellence.”

Transaction Highlights

• Enables significant value creation from scale: combines the largest independent timeshare
  company with Hilton Grand Vacations’ strong brand and culture
  • Expands and diversifies HGV’s resort portfolio into over 20 new markets.
  • The combined company will have 720,000 owners, 154 resorts and 48 sales centers.
• Diversifies HGV’s portfolio: adds additional drive-to destinations and allows HGV to leverage the Hilton network to widen customer reach
  • Doubles the number of vacation options for the combined owner base.
  • Diamond’s complementary footprint will bolster HGV’s strong network of beach, attraction-based, and urban markets, while adding new regional drive-to destinations in outdoor, desert and ski locations.
  • Broader range of pricing and product options will widen customer reach, enhancing alignment with the 112 million Hilton Honors members.
• Accelerates launch of HGV-branded trust product offering: rebrand Diamond’s properties over time to drive revenue growth in a new customer segment
  • Combining HGV’s points-based deeded product with Diamond’s points-based trust structure will allow the Company to cater to a wider audience, attract more new buyers and drive incremental growth in a capital-efficient manner.
  • HGV’s deeded product provides premium pricing, inventory sourcing flexibility, and the ability to pre-sell projects to support strong project-level cash flow, while giving buyers and owners the value of guaranteed availability.
  • The introduction of a trust product allows for lower barriers to ownership, reduced inventory delivery volatility and inventory recycling, enabling smoother sales and upgrades while providing buyers and owners network and pricing flexibility.
  • Integrates Diamond’s innovative Events of a Lifetime® experiential sales and marketing platform that drives strong engagement and Volume Per Guest (VPG) premiums with HGV’s owner base.
• Generates over $125 million in run-rate cost synergies, expected to be achieved in the first 24 months following close
  • Significant future revenue synergy opportunities.
• Increases recurring EBITDA streams and drives overall cash flow, with adjusted free cash flow per share accretion in year one
  • The combined company is expected to generate steady-state adjusted free cash flow conversion of 50-60%, driven by its realization of cost synergies, significant inventory pipeline, acquired inventory and reduced long-term inventory spending.
  • Adding new owners embeds additional value for the company over the life of their ownership.
  • The combined company is anticipated to generate approximately 50% of Segment Adjusted EBITDA from recurring sources, including club membership fees, property management fees and financing fees.
• Compelling valuation and deal structure facilitate financial flexibility and deleveraging
  • Significant cash flow generation is expected to allow for rapid deleverage, returning to below 3.0x within 24 months.
  • Pro-forma liquidity of $1.0 billion at year-end 2020.

Transaction Details

Under the terms of the agreement, the Apollo Funds and the other Diamond stockholders, including the Reverence Funds, are expected to receive 34.5 million shares of HGV common stock, valued at approximately $1.4 billion, subject to customary adjustments. Upon transaction close, existing HGV shareholders will own approximately 72% of the combined company and the Apollo Funds will own approximately 28% of the combined company.

The transaction, which was unanimously approved by the Board of Directors for both companies, is expected to close in the summer of 2021, subject to customary closing conditions and regulatory approvals. The issuance of HGV common stock in the transaction is subject to shareholder approval.

HGV’s management team, including President & Chief Executive Officer Mark Wang, Chief Financial Officer Dan Mathewes, and Chief Operating Officer Gordon Gurnik, will continue to serve in their current roles upon transaction close. HGV’s Board of Directors will be expanded from 7 to 9 members, and the Apollo Funds will have the right to appoint two directors as long as their equity ownership remains at or above 15% of the outstanding stock at closing and one director as long as their equity ownership remains at or above 10% of the outstanding stock at closing.

Advisors

BofA Securities is acting as exclusive financial advisor for HGV, and Alston & Bird LLP, Simpson Thacher & Bartlett LLP, and Foley & Lardner LLP are acting as legal counsel. Credit Suisse is acting as lead financial advisor and Goldman Sachs is also acting as financial advisor for Diamond, with Paul, Weiss, Rifkind, Wharton & Garrison LLP acting as legal counsel.

HGV has received financing commitments from BofA Securities, Deutsche Bank and Barclays with PJT Partners acting as capital markets advisor to HGV.

Conference Call

HGV will host a conference call for analysts and investors today at 8:30 a.m. EST.

To access the live teleconference, please dial 1-877-407-0784 in the U.S./Canada (or +1-201-689-8560 internationally) approximately 15 minutes prior to the teleconference’s start time. A live webcast will also be available by logging onto the HGV Investor Relations website at investors.hgv.com. The conference call will be webcast live and accessible by navigating to the following link: https://event.on24.com/wcc/r/3058978/5D17131468865BE0EF218C6C1EB0E6D0.

A replay will be available beginning three hours after the teleconference’s completion through March 17, 2021. To access the replay, please dial 1-844-512-2921 in the U.S. (+1-412-317-6671 internationally) using ID# 13717389. A webcast replay and transcript will be available within 24 hours after the live event at https://investors.hgv.com.

About Hilton Grand Vacations Inc.

Hilton Grand Vacations Inc. (NYSE:HGV) is recognized as a leading global timeshare company. With headquarters in Orlando, Florida, Hilton Grand Vacations develops, markets and operates a system of brand-name, high-quality vacation ownership resorts in select vacation destinations. The Company also manages and operates two innovative club membership programs: Hilton Grand Vacations Club® and The Hilton Club®, providing exclusive exchange, leisure travel and reservation services for more than 325,000 club members. For more information, visit www.hiltongrandvacations.com.

About Apollo

Apollo is a leading global investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo, among others. Apollo had assets under management of approximately $455 billion as of December 31, 2020 in credit, private equity and real assets funds. For more information about Apollo, please visit www.apollo.com.

About Diamond Resorts

Diamond Resorts offers destinations, events and experiences to help members make a habit of breaking from the routine. From unforgettable getaways to exclusive concert series to VIP receptions and dinners, members turn to Diamond to recharge, reconnect and remind each other what matters most. Our focus on quality resorts, customer service and flexibility means members can return to a favorite resort, book a cruise to explore new countries or attend a once-in-a-lifetime event with the same level of confidence and anticipation. With access to a world of entertainment and activities, a Diamond membership ensures that people are always looking forward to vacation.

About Reverence Capital Partners

Reverence Capital Partners is a private investment firm focused on thematic investing in leading global, middle-market Financial Services businesses through control and influence oriented investments in 5 sectors: (1) Depositories and Finance Companies, (2) Asset and Wealth Management, (3) Insurance, (4) Capital Markets and (5) Financial Technology/Payments. The firm was founded in 2013, by Milton Berlinski, Peter Aberg and Alex Chulack, who collectively bring over 90 years of advisory and investing experience across a wide range of financial services sectors. For more information visit www.reverencecapital.com

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements convey management’s expectations as to our future, and are based on management’s beliefs, expectations, assumptions and such plans, estimates, projections and other information available to management at the time we make such statements. Forward-looking statements include all statements that are not historical facts, including those related to our revenues, earnings, cash flow and operations, and may be identified by terminology such as the words “outlook,” “believe,” “expect,” “potential,” “goal,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” predicts,” “intends,” “plans,” “estimates,” “anticipates” “future,” “guidance,” “target,” or the negative version of these words or other comparable words.

We caution you that our forward-looking statements involve known and unknown risks, uncertainties and other factors, including those that are beyond our control, that may cause our actual results, performance or achievements to be materially different from the future results. Factors that could cause our actual results to differ materially from those contemplated by our forward-looking statements include: the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; the inability to complete the proposed merger due to the failure to obtain stockholder approval for the proposed merger or the failure to satisfy other conditions to completion of the proposed merger, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction; risks related to disruption of management’s attention from HGV’s ongoing business operations due to the transaction; the effect of the announcement of the proposed merger on HGV’s relationships, operating results and business generally; the risk that the proposed merger will not be consummated in a timely manner; exceeding the expected costs of the merger; the material impact of the COVID-19 pandemic on our business, operating results, and financial condition; the extent and duration of the impact of the COVID-19 pandemic on global economic conditions; our ability to meet our liquidity needs; risks related to our indebtedness; inherent business risks, market trends and competition within the timeshare and hospitality industries; our ability to successfully source inventory and market, sell and finance VOIs; default rates on our financing receivables; the reputation of and our ability to access Hilton brands and programs, including the risk of a breach or termination of our license agreement with Hilton; compliance with and changes to United States and global laws and regulations, including those related to anticorruption and privacy; risks related to our acquisitions, joint ventures, and other partnerships; our dependence on third-party development activities to secure just-in-time inventory; the performance of our information technology systems and our ability to maintain data security; regulatory proceedings or litigation; adequacy of our workforce to meet our business and operation needs; our ability to attract and retain key executives and employees with skills and capacity to meet our needs; and natural disasters or adverse geo-political conditions. Any one or more of the foregoing factors could adversely impact our operations, revenue, operating margins, financial condition and/or credit rating.

For a more detailed discussion of these factors, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in HGV’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2021, as such information may be updated from time to time in our annual reports, quarterly reports, current reports and other filings we make with the Securities and Exchange Commission.

HGV’s forward-looking statements speak only as of the date of this communication or as of the date they are made. HGV disclaims any intent or obligation to update any “forward looking statement” made in this communication to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

Additional Information and Where to Find It

This filing may be deemed solicitation material in respect of the proposed acquisition of Diamond Resorts by HGV. In connection with the proposed merger transaction, HGV will file with the SEC and furnish to HGV’s stockholders a proxy statement and other relevant documents. This filing does not constitute a solicitation of any vote or approval. Stockholders are urged to read the proxy statement when it becomes available and any other documents to be filed with the SEC in connection with the proposed merger or incorporated by reference in the proxy statement because they will contain important information about the proposed merger.

Investors will be able to obtain free of charge the proxy statement and other documents filed with the SEC at the SEC’s website at https://www.sec.gov. In addition, the proxy statement and HGV’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available free of charge through HGV’s website at https://investors.hgv.com/. as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC.

The directors, executive officers and certain other members of management and employees of HGV may be deemed “participants” in the solicitation of proxies from stockholders of HGV in favor of the proposed merger. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the stockholders of HGV in connection with the proposed merger will be set forth in the proxy statement and the other relevant documents to be filed with the SEC. You can find information about the Company’s executive officers and directors in its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and in its definitive proxy statement filed with the SEC on Schedule 14A on March 26, 2020.

Non-GAAP Financial Measures

This press release includes discussions of terms that are not recognized terms under U.S Generally Accepted Accounting Principles (“GAAP”), and financial measures that are not calculated in accordance with GAAP, such as Adjusted EBITDA. We derived any non-GAAP financial measures from our audited consolidated financial statements, and Dakota Holdings, Inc.’s financial statements. We believe such non-GAAP measures provide useful information to our investors about us and our financial condition and results of operations since these measures are used by our management to evaluate our operating performance and by securities analysts and investors as common financial measures for comparison purposes in our industry. See our most recent Annual Report on Form 10-K for a more detailed discussion of the meanings of these terms, our reasonings for providing non-GAAP financial measures and full reconciliations of these measures to the most directly comparable GAAP financial measure.

HGV Investor Contact:
Mark Melnyk
407-613-3327
mark.melnyk@hgv.com

HGV Media Contact:
Lauren George
407-613-8431
lauren.george@hgv.com

Diamond Media Contact:
John Eddy
212-319-3451, ext. 648
diamond@goldin.com

Host of LPGA Champions-Only Tournament Offers Guests Unique Experiences Like Private Events with Annika Sörenstam, Brian Gay & Nate Lashley at Resorts Across the Country

MAR. 4, 2021 (LAS VEGAS, Nev.) – Diamond Resorts^®, a global leader in the hospitality, vacation ownership and entertainment industries, announces exclusive Golf Getaway packages for travelers looking to hit the links during their next vacation. Known for hosting the LPGA’s most unique professional golf tournament, Diamond is bringing the action to their resorts across the country. Diamond members also have special access to exclusive events with golf stars, including Annika Sörenstam, Brian Gay, Nate Lashley, Blair O’Neal and Brittany Lincicome throughout the year.

The limited-time Golf Getaway package is available at Diamond-managed properties in Sedona (travel through Nov. 24, 2021) and Orlando (travel through June 30, 2021), including Mystic Dunes Resort & Golf Club, The Ridge on Sedona Golf Resort, Sedona Summit, Bell Rock Inn and Los Abrigados Resort & Spa. Guests can book this 3-night Golf Getaway package until April 30, 2021, for travel through the dates specified above. The package includes spacious accommodations at the resort of their choice and two rounds of golf. Each package will also include access to resort amenities, including pools and fitness centers at select properties. Diamond’s condo-style accommodations are perfectly suited for social distancing and feature multiple bedrooms and bathrooms, fully equipped kitchens, dining and living areas, home offices and in-suite laundry.

“It has been incredible to see the popularity of golf skyrocket in recent years, especially among younger generations,” said Mike Flaskey, CEO of Diamond Resorts. “We’ve seen this trend first-hand at our properties and with the Diamond Resorts Tournament of Champions. This year’s tournament was the most-watched season opener in 12 years and ratings have grown 10 percent year-over-year. Golf is the perfect way to stay active, get outdoors and have fun, and we are proud to offer once-in-a-lifetime experiences to novices and pros alike!”

According to the National Golf Foundation, rounds of golf played are up nearly 50 percent this winter compared to 2019, and up significantly over the entire year as players flock to the socially distant sport.

Known for providing its members with unforgettable entertainment experiences, Diamond Resorts has resumed private events under strict safety protocols. In January, the Diamond Resorts Tournament of Champions opened the LPGA season in Orlando. Throughout the year, Diamond members will have special access to reserve spots at upcoming events with Diamond Celebrity ambassadors like country music stars Jana Kramer, Colt Ford, Cole Swindell, and sports legends like Michael Waltrip and golf greats.

ABOUT DIAMOND RESORTS^®

Diamond Resorts offers destinations, events and experiences to help members make a habit of breaking from the routine. From unforgettable getaways to exclusive concert series to VIP receptions and dinners, members turn to Diamond to recharge, reconnect and remind each other what matters most. Our focus on quality resorts, customer service and flexibility means members can return to a favorite resort, book a cruise to explore new countries or attend a once-in-a-lifetime event with the same level of confidence and anticipation. With access to a world of entertainment and activities, a Diamond membership ensures that people are always looking forward to vacation.

To learn more about Diamond Resorts, visit DiamondResorts.com or follow @DiamondResorts on Twitter, Facebook and Instagram. To learn more about the Diamond Resorts Tournament of Champions, visit DiamondLPGA.com and follow @TheVacationDR on Twitter and Instagram. Join the social conversation with #DiamondLPGA.

MEDIA CONTACT
Anna Sczepanski
diamond@goldin.com
646-660-8646 

Upcoming Episodes Feature Exclusive Interviews with Country Music Legends and Diamond Resorts CEO Mike Flaskey

FEB. 16, 2021 (LAS VEGAS, Nev.) — Diamond Resorts^®, a global leader in the hospitality, vacation ownership and entertainment industries, announces the premiere of the latest installment of their “Moments with Diamond” video series.

“Moments with Diamond” initially launched in 2019, featuring exclusive, behind-the-scenes interviews with celebrities from the sports and entertainment industries. This year, the series kicks off with interviews from country music legends Toby Keith, Travis Tritt, Lee Brice, Cole Swindell, Colt Ford and Randy Houser.

“We had a blast filming the latest series of ‘Moments with Diamond’ and can’t wait to share some very special moments with viewers,” said Diamond Resorts CEO Mike Flaskey. “From diving into country music icon Toby Keith’s military efforts to hearing about the latest music from Travis Tritt before anyone else, this series is truly unique and jam-packed with some of country music’s biggest stars.”

Diamond hosts hundreds of live member-exclusive events each year to carry out their mission of providing unparalleled vacation experiences. For the last two years, the company’s flagship event, the Diamond Resorts Tournament of Champions, has provided members a chance to be a part of a live audience during a “Moments with Diamond” film session while Flaskey speaks with some of their favorite sports, entertainment and music celebrities. Past Moments with Diamond mini-series have featured MLB Hall of Fame pitcher John Smoltz, former star of ABC’s “The Bachelor” Ben Higgins, 2-time Daytona 500 winner Michael Waltrip and 8-time LPGA champion Brittany Lincicome.

This year, the video series begins with an interview from country music artist and “Class of ‘89” legend Travis Tritt, who recently joined Diamond’s roster of celebrity ambassadors. Flaskey sat down with Tritt at his first #DiamondLIVE concert at the House of Blues in Orlando, Fla. to learn more about the country superstar. The video interview with Tritt is available now here.

Stay tuned for upcoming installments releasing this month with country artists Toby Keith, Colt Ford, Cole Swindell, Lee Brice and Randy Houser, filmed in front of a live audience of Diamond members at the 2021 Tournament of Champions in January.

About Diamond Resorts

Diamond Resorts^® offers destinations, events and experiences to help members make a habit of breaking from the routine. From unforgettable getaways to exclusive concert series to VIP receptions and dinners, members turn to Diamond to recharge, reconnect and remind each other what matters most. Our focus on quality resorts, customer service and flexibility means members can return to a favorite resort, book a cruise to explore new countries or attend a once-in-a-lifetime event with the same level of confidence and anticipation. With access to a world of entertainment and activities, a Diamond membership ensures that people are always looking forward to vacation.

Media Contact
diamond@goldin.com

Newly Released Documents, Including Statements from Dozens of Vacation Owners, Illustrate Pattern of Deception by So-Called Timeshare Exit Companies & Attorneys

JAN. 27, 2021 (LAS VEGAS, Nev.) — Diamond Resorts^®, a global leader in the hospitality, vacation ownership and entertainment industries, announces the filing of additional claims in its lawsuit against Pandora Marketing (d/b/a Timeshare Compliance), Intermarketing Media (d/b/a Resort Advisory Group), Slattery, Sobel & Decamp, Del Mar Law Group, Carlsbad Law Group, Sean Slattery, McCroskey Legal, Unlock Legal, and Miranda McCroskey. The additional claims are based on newly-released documents, including dozens of statements from timeshare owners that illustrate a nationwide scam to deceive consumers out of hundreds of thousands of dollars.

According to the new legal filing by Diamond Resorts, Timeshare Compliance and Resort Advisory Group lure timeshare owners into paying large upfront fees in exchange for so-called timeshare “exit” services. By advertising a “legal method” and the services of lawyers, the Defendants are able to charge huge fees—sometimes exceeding $100,000. In reality, the companies and the law firms they partner with fail to deliver any legitimate service. Instead, they only mislead timeshare owners into breaching their timeshare contracts, which results in foreclosure and a negative impact on the owners’ credit history.

Diamond’s complaint presents direct evidence of this scam, including dozens of testimonials from consumers and messages saved on Resort Advisory Group and Timeshare Compliance’s customer relationship management system.

For example, one timeshare owner states that he believed a group of timeshare lawyers would litigate the cancellation of his timeshare contract. As a result, he retained Resort Advisory, and paid an “exit” fee of over $70,000. Later, he discovered that the attorney was paid only $700 to send “exit” letters, and none of the remaining money was used for litigation, negotiation, or any other legal services.

Another victim of the scam documents her personal experience with Resort Advisory Group:

“We have come to realize that RAG kept us in the dark about the fact that the lawyer was not providing the services RAG promised. The financial consequences that have resulted from RAG’s ‘services’ are far worse than what we would have suffered by simply stopping timeshare payments and waiting for our credit to plummet….We owe more than $120,000 in credit card debt attributable to RAG, which includes the money we paid for RAG’s bad acts and its lawyers.”

Other timeshare owners state that they frequently receive no updates from the Lawyer Defendants regarding the progress of their case. One Diamond Owner left the following message:

“I just tried phoning you with questions on this retainer as I have thoroughly read the contract. I’m VERY wary of this and am wondering if I have been ‘duped’ again by Timeshare Compliance?…. You don’t answer the phone # you e-mailed me. I’m beginning to wonder if this is another scam….”

Notes logged in Resort Advocacy Group’s customer relationship management system document frequent customer complaints about their plummeting credit scores such as, “He began the call by stating we are a FAT SCAM …. He has been in the dark since he started with us. His credit score has been completely destroyed—went from an 800 down to a 600s….”

“It is absolutely despicable to hear how vacation owners have been scammed by these nefarious companies,” said Mike Flaskey, CEO, Diamond Resorts. “We will continue to do everything in our power to protect our members from being misled by these companies and will aggressively pursue every avenue to hold these companies to account.”

In addition to this case, Diamond Resorts has pursued more than 15 actions in courts across the country against numerous companies marketing themselves as third-party exit companies.

While the vast majority of members enjoy their vacation ownership, Diamond Resorts also understands that life circumstances can change and provides options for members seeking to safely modify or leave their vacation ownership behind. To learn more about red flags and report possible fraudulent third-party exit activity, visit TimeshareCancellationAwareness.com.

About Diamond Resorts

Diamond Resorts^® offers destinations, events and experiences to help members make a habit of breaking from the routine. From unforgettable getaways to exclusive concert series to VIP receptions and dinners, members turn to Diamond to recharge, reconnect and remind each other what matters most. Our focus on quality resorts, customer service and flexibility means members can return to a favorite resort, book a cruise to explore new countries or attend a once-in-a-lifetime event with the same level of confidence and anticipation. With access to a world of entertainment and activities, a Diamond membership ensures that people are always looking forward to vacation.

Media Contact
John Eddy
212-319-3451, ext. 648
diamond@goldin.com

Three-Night Private Concert Series Brings Country Music Superstars to LPGA and Celebrity Golf Tournament

JAN. 11, 2021 (ORLANDO, Fla.) — Diamond Resorts^®, a global leader in the hospitality, vacation ownership and entertainment industries, is thrilled to welcome an electrifying lineup of country music’s biggest stars to the stage in a private live concert series during the 2021 Diamond Resorts Tournament of Champions presented by Insurance Office of America.

The tournament’s sponsors and invited guests — along with a dream roster of nearly 50 celebrity players — will be treated to three nights of exhilarating, outdoor and socially distanced live shows.

On Saturday, January 23, the concert series will conclude with a highly anticipated performance by worldwide music superstar and Billboard Country Artist of the Decade honoree, Toby Keith. Keith will perform a variety of songs from his extensive library of music, spanning 19 studio albums and five compilation albums. Over his legendary, award-winning career, Keith has amassed an impressive 61 singles on the Billboard Hot Country Songs chart, including 32 No. 1 hits.

The week’s lineup will feature six of country music’s most popular entertainers, including newly announced Diamond Celebrity ambassador and Grammy Award-winning country artist Travis Tritt, Platinum-selling singer-songwriter Cole Swindell, multiple ACM and CMA Musical Event of the Year Award-winning artist Lee Brice, ACM and CMA Award-nominated artist Randy Houser, and former professional golfer turned country rapper Colt Ford.

Night one of the live music series will kick off the tournament on Tuesday, January 19, featuring special performances by  legendary country music chart-toppers Travis Tritt and Lee Brice. Then, on Thursday, January 21, celebrated singer-songwriters Randy Houser and Cole Swindell will ignite the crowd of invited guests. Colt Ford will join Toby Keith for the Saturday night performance, gracing the stage with yet another country music chart-topper.

The three buzzing nights of live country music are part of the tournament’s unique entertainment format. The concerts will be hosted under an open-air tent at Diamond’s Mystic Dunes Resort & Golf Club, and in accordance with all local safety guidelines. Occupancy will be strictly limited and the spacious stage and venue buildout will allow attendees to maintain safe social distancing while enjoying the performances. Additional safety protocols, including, but not limited to, a mandatory mask policy and temperature checks will be enforced by trained security staff.

The Diamond Resorts Tournament of Champions marks the start of the official 2021 LPGA Tour season. The annual event invites top professional competitors from women’s golf to play alongside both entertainment and pro-athlete celebrities. This year’s celebrity guests include former star of ABC’s “The Bachelor” Ben Higgins, NBA champion Ray Allen, World Golf Hall of Famer and Diamond Resorts Celebrity ambassador Annika Sörenstam, MLB Hall of Famer John Smoltz, comedian Larry the Cable Guy, actor and comedian Brian Baumgartner and many more.

“We are thrilled to bring a world-class concert lineup to Orlando once again for the Diamond Resorts Tournament of Champions,” said Diamond Resorts CEO and Tournament Founder Mike Flaskey. “These exclusive performances are a big part of what makes our annual event such a unique and memorable experience, and we look forward to a safe and socially distanced week of private live concerts with some of country music’s biggest stars.”

The tournament has raised nearly $4 million in past years through silent and live auctions. Fans can bid on exciting auction prizes virtually this year from exclusive vacation packages to one-of-a-kind signed sports memorabilia and more. Proceeds from the auction will go to the Diamond Resorts International Foundation, a recognized 501(c)(3) organization that benefits underprivileged communities, military veterans and those in need. To browse auction items and make a bid, visit the auction website HERE.

A total of 43 LPGA professionals have qualified to play in this year’s tournament, including Brittany Lincicome, Brooke Henderson, Nelly Korda, Lexi Thompson, Michelle Wie West, Jin Young Ko, Danielle Kang and defending champion Gaby Lopez. LPGA champion commitments will be announced closer to the tournament date. The LPGA champions will play 72 holes of stroke play for $1.2 million in official prize money, while the roster of sports and entertainment celebrities will compete for their own $500,000 purse using a modified Stableford format.

The 4-day tournament will be televised live on Golf Channel from January 21-22 and on Golf Channel and NBC from January 23-24. 

About Diamond Resorts®

Diamond Resorts offers destinations, events and experiences to help members make a habit of breaking from the routine. From unforgettable getaways to exclusive concert series to VIP receptions and dinners, members turn to Diamond to recharge, reconnect and remind each other what matters most. Our focus on quality resorts, customer service and flexibility means members can return to a favorite resort, book a cruise to explore new countries or attend a once-in-a-lifetime event with the same level of confidence and anticipation. With access to a world of entertainment and activities, a Diamond membership ensures that people are always looking forward to vacation.

To learn more about Diamond Resorts, visit DiamondResorts.com or follow @DiamondResorts on Twitter, Facebook, and Instagram. To learn more about the tournament and get a behind-the-scenes look, visit DiamondLPGA.com and follow @TheVacationDR on Twitter and Instagram. Join the social conversation with #DiamondLPGA.

Media Contact:
Mike Stommel
Lucky Break PR
Mike@LuckyBreakPR.com

Both Popular Destinations Will Welcome Guests Starting on January 1, 2021, with Fully Renovated Accommodations and New Amenities

DEC. 22, 2020 (LAS VEGAS, Nev.) — Diamond Resorts^®, a global leader in the hospitality, vacation ownership and entertainment industries, is thrilled to announce the highly anticipated reopening of its resorts on beautiful St. Maarten. After extensive, multi-million dollar renovations and the addition of many exciting new amenities, Royal Palm Beach Resort and Flamingo Beach Resort will start welcoming guests back to the “Friendly Island” on January 1, 2021.

“We are thrilled to celebrate this exciting new chapter for our two beloved St. Maarten properties,” said Mike Flaskey, CEO of Diamond Resorts. “At Royal Palm Beach Resort and Flamingo Beach Resort, the very best of the Caribbean is at your fingertips. With world-class amenities, unrivaled beaches and stunning scenery, our St. Maarten resorts are the perfect destination. When the time is right to book your next getaway, we are proud to welcome guests back for a safe and relaxing stay.”

In total, the resorts are welcoming more than 75 team members to further expand the Diamond Resorts family. Both properties will be reopening in accordance with the Diamond Standard of Clean protocols and with reduced capacity. Guests will be able to spread out in Diamond’s condo-style accommodations, featuring multiple bedrooms and bathrooms, fully equipped kitchens, spacious dining and living areas, home offices and in-suite laundry machines.

Flamingo Beach Resort is the ideal getaway for guests looking for some rejuvenating time relaxing in the Caribbean sun. All of the property’s 240 suites have been fully renovated with new furnishings, appliances, bedding and flooring. With the beach at their doorstep, guests can relish spectacular sunsets, swim in the crystal clear waters of the secluded cove or take a dip in the resort’s reconstructed swimming pool and two new hot tubs. Additional on-site amenities include an expansive new beachfront lounge area, state-of-the-art fitness center, resurfaced tennis court, additional barbecue grills and a convenient Grab n’ Go shop.

Royal Palm Beach Resort features 141 spacious oceanfront accommodations beautifully situated on the Simpson Bay. Enhancements to the resort include a stunning new swimming pool, upgraded gym, modern lobby and beautiful tropical landscaping throughout the resort, as well as brand new flooring, appliances, bedding and furnishings in all units. Guests will be able to stroll endless stretches of powder white sand beaches, lounge by the pool in brand new palapas and beach chairs and enjoy calypso music at the resort’s new restaurant or poolside bistro.

To book a stay at Diamond’s St. Maarten properties, visit DiamondResortsandHotels.com.

About Diamond Resorts

Diamond Resorts® offers destinations, events and experiences to help members make a habit of breaking from the routine. From unforgettable getaways to exclusive concert series to VIP receptions and dinners, members turn to Diamond to recharge, reconnect and remind each other what matters most. Our focus on quality resorts, customer service and flexibility means members can return to a favorite resort, book a cruise to explore new countries or attend a once-in-a-lifetime event with the same level of confidence and anticipation. With access to a world of entertainment and activities, a Diamond membership ensures that people are always looking forward to vacation.

Media Contact

diamond@goldin.com

Judge Rules in Favor of Diamond Resorts, Allows Lawsuit to Move Forward

DEC. 17, 2020 (LAS VEGAS, Nev.) —  Diamond Resorts®, a global leader in the hospitality, vacation ownership and entertainment industries, announces its lawsuit will proceed against Newton Group and DC Capital Law Firm, LLP based on their alleged fraud, conspiracy to defraud, and tortious interference as it relates to former Diamond members, Paul & Diane Reeve. A Superior Court Judge in the District of Columbia ruled that Diamond properly alleged all of its claims against the Defendants and provided “sufficient facts to ultimately support a finding of wanton, malicious, and/or grossly fraudulent conduct by DC Capital” to support Diamond’s claim for punitive damages.  

As part of its complaint, Diamond outlined the sworn allegations of the Reeves that the Newton Group deceived them into paying over $6,000 in upfront fees for an allegedly “safe and legal” exit process backed by a “money-back guarantee.”  The Newton Group then “hired” DC Capital Law Firm, LLP, and both companies instructed the Reeves not to communicate with Diamond and to stop paying their financial timeshare obligations. This advice led the couple to unknowingly – and against their wishes – default on their contract with Diamond.  Indeed, neither Newton nor DC Capital had a “safe” or “legal” exit process and their money back guarantee was hollow as they refused to refund any money to the Reeves despite not providing any services to them.

In his order filed on December 9, Judge Robert R. Rigsby said “the Reeves did not ‘elect’ to default on their contract with Diamond and were not simply following legal advice. Rather, DC Capital took substantial steps to hide the default from the Reeves, and only by redirecting all communications away from the Reeves did DC Capital keep the Reeves from performing their contractual obligations.”  Indeed, Plaintiffs allege that “[t]o preserve this deception, Defendants positioned themselves between Diamond and the Reeves and directed the Reeves not to contact Diamond in an effort to prevent the Reeves from discovering the truth.”

Diamond’s complaint alleges that “the lack of communication between the Reeves and Diamond was essential to the Defendants’ scheme, as it prevented the Reeves from discovering the Defendant’s misrepresentations.”  The complaint also alleges that DC Capital “continued to further the conspiracy by ‘conceal[ing] the true nature of the exit they ‘obtained’ for the Reeves,” by failing to advise the Reeves that the “exit” had merely been a foreclosure of their Timeshare Interest.”

“Thousands of other timeshare owners have fallen victim to fraudulent companies,” said Mike Flaskey, CEO of Diamond Resorts. “We will continue to do everything in our power to protect our members from the deceptive practices of unscrupulous companies.”

After the Reeves shared with Diamond Resorts how they were deceived, Diamond was able to work with the Reeves to provide them with relief from the credit reporting and adverse tax-related issues caused by DC Capital and the Newton Group. Unfortunately, the Reeves are still out the $6,000 paid to the Newton Group because, despite written demands for the return of the money and the Newton Group’s advertised “100% money-back guarantee,” no refund has been issued.

Diamond Resorts remains committed to protecting its members from so-called timeshare exit companies that not only hurt vacationers, but often break the law. In addition to this case, Diamond Resorts has pursued more than a dozen actions in courts across the country against numerous companies marketing themselves as third-party exit companies. Diamond has obtained more than 10 permanent injunctions.

While the vast majority of members enjoy their vacation ownership, Diamond Resorts also understands that life circumstances can change and provides options for members seeking to safely modify or leave their vacation ownership behind. To learn more about red flags and report possible fraudulent third-party exit activity, visit TimeshareCancellationAwareness.com.

About Diamond Resorts

Diamond Resorts® offers destinations, events and experiences to help members make a habit of breaking from the routine. From unforgettable getaways to exclusive concert series to VIP receptions and dinners, members turn to Diamond to recharge, reconnect and remind each other what matters most. Our focus on quality resorts, customer service and flexibility means members can return to a favorite resort, book a cruise to explore new countries or attend a once-in-a-lifetime event with the same level of confidence and anticipation. With access to a world of entertainment and activities, a Diamond membership ensures that people are always looking forward to vacation.

Media Contact

John Eddy
212-319-3451, ext. 648
diamond@goldin.com