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Diamond Resorts

Topic: Company

 From HandWiki - Reading time: 12 min
Diamond Resorts
TypeSubsidiary
IndustryVacation Ownership, Timeshare
Founded1992; 32 years ago (1992)
HeadquartersLas Vegas, Nevada, U.S.
Area served
Worldwide
Key people
Stephen J. Cloobeck, (Founder)
Michael Flaskey (CEO)[1][2]
ProductsVacation Ownership, Timeshare
RevenueIncrease$230.7 million (EBITDA, 2013)[3]
OwnerHilton Grand Vacations
Websitediamondresorts.com

Diamond Resorts is a timeshare company[4] headquartered in Las Vegas, Nevada, with regional offices in Orlando, Florida and Lancaster, United Kingdom.[5] The company has a network of more than 379 vacation destinations in 35 countries around the world and sells vacation ownership points.[6][7] The company sponsors numerous celebrities, including LPGA professional Brittany Lincicome,[8] PGA Tour professional Brian Gay[9] and MLB Hall of Famers Gaylord Perry and Reggie Jackson.[10] The company also pairs with country music artists, including Cole Swindell,[11] Lauren Alaina[12] and Jana Kramer[13] to host private concerts for its members.

History

The Polo Towers in Las Vegas, which is owned by Diamond Resorts

Diamond Resorts launched the Diamond Resorts Invitational in 2013 to benefit Florida Hospital for Children.[14] Through the golf tournament, the company has raised a total of more than $3.1 million to the children's hospital.[15] In March 2018, the company announced it was sponsoring a new golf tournament, the Diamond Resorts Tournament of Champions, with the LPGA as an official season event.[citation needed]

In October 2015, DRI bought out Gold Key Resorts for $167.5 million.[16] This acquisition added five vacation ownership resorts in Virginia Beach, Virginia, and one in the Outer Banks, North Carolina.[16] That same month, Diamond Resorts pledged to match all new donations made to the Diamond Resorts International Foundation, a recognized 501(c)(3) organization, in 2017 up to $1 million to support Hurricane Irma relief efforts.[17]

Diamond Resorts acquired Intrawest Resort Club Group in November 2015, adding nine resorts and 22,000 members. After the acquisition, Diamond Resorts re-branded the Intrawest Resort Club Group as Embarc Resorts.[18]

On June 29, 2016, Apollo Global Management made a successful offer to purchase Diamond Resorts International.[19]

On December 23, 2016 Arizona Attorney General Mark Brnovich announced a settlement of $800,000 with Diamond Resorts. As part of the settlement, customers who bought their timeshares under false pretenses could relinquish them.[20]

Michael Flaskey was named chief executive officer of the company in March 2017.[21]

On January 18, 2018, the company underwent a brand refresh, updating its logo and officially dropping International from its name to be known as Diamond Resorts.[22]

Diamond Resorts announced in March 2018 that the company was partnering with the LPGA to launch the Diamond Resorts Tournament of Champions.[23] The tournament begins the LPGA's 2019 season and features tournament winners from the previous two LPGA seasons, along with celebrity participants.[24] The Diamond Resorts Tournament of Champions replaces the golf tournament the company previously sponsored, the Diamond Resorts Invitational.[citation needed] That same month, acquired Amber Vacation Club in March 2018 and will assume operations at Amber's managed resorts, Sunrise Ridge Resort in Pigeon Forge, Tennessee and Alhambra Villas and Alhambra at Poinciana in Kissimmee, Florida.[25]

In April 2018, Diamond Resorts announced it had acquired The Modern Honolulu, a boutique hotel in Honolulu, Hawaii.[26]

In January 2020, Diamond Resorts partnered with Highgate to rent units in two properties in New York City.[27]

In March 2021, Apollo Global agreed to sell Diamond Resorts to Hilton Grand Vacations[28] for $1.4 billion.[29][30] The acquisition was completed on August 2, 2021.[31][32]

Undercover Boss

The company's founder, Stephen J. Cloobeck, was featured in the fourth season premiere of the American reality television series Undercover Boss on January 15, 2012, marking the first time the head of a company previously featured in an earlier episode went undercover a second time.[33][34][35]

Properties

United States

State Hotels
Alabama Alabama
Arizona Arizona
California California
Colorado Colorado
Florida Florida
Hawaii Hawaii
Idaho Idaho
Indiana Indiana
Louisiana Louisiana
Michigan Michigan
  • Great Wolf Lodge (Club Affiliated) - Traverse City
Missouri Missouri
Nevada Nevada
New Mexico New Mexico
North Carolina North Carolina
Ohio Ohio
  • Great Wolf Lodge (Club Affiliated) - Cincinnati
  • Great Wolf Lodge (Club Affiliated) - Sandusky
Pennsylvania Pennsylvania
  • Great Wolf Lodge (Club Affiliated) - Pocono Mountains
Tennessee Tennessee
Texas Texas
  • Great Wolf Lodge (Club Affiliated) - Grapevine
Utah Utah
Virginia Virginia
Washington (state) Washington (state)
  • Great Wolf Lodge (Club Affiliated) - Grand Mound
Wisconsin Wisconsin
  • Great Wolf Lodge (Club Affiliated) - Wisconsin Dells
Wyoming Wyoming

International

Location Resorts
Canada Canada
Mexico Mexico
Netherlands Netherlands
Austria Austria
Brazil Brazil
France France
Greece Greece
Republic of Ireland Ireland
  • East Clare Golf Village
  • Dangan Lodge Cottages
  • Fisherman's Lodge
Italy Italy
Malta Malta
Portugal Portugal
Spain Spanish Mainland
Template:Country data Balearic Islands Balearic Islands
Canary Islands Canary Islands
United Kingdom United Kingdom
New Zealand New Zealand
Indonesia Indonesia

Criticism and controversy

Sales tactics

Diamond Resorts is notable for high-pressure sales tactics used to close sales and generate fees for consumers.[55][56] Club members are charged yearly maintenance fees (including management fees), which are set by Diamond Resorts and which the FTC warns are likely to rise every year.[57][58] Diamond Resorts's official 2014 SEC filing states that club members do not have the right to terminate membership, except in certain areas where consumers are protected by state law.[56][59][60] Jeff Weir, a Diamond timeshare owner and journalist covering the timeshare industry, told The New York Times , "In my experience, Diamond is much more ambitious, aggressive and downright nasty in their sales presentations compared to Marriott and Westin. Diamond just has an amazing reputation of being tough on people."[56]

Mike Flaskey, the company's current chief executive officer, spoke on Fox Business about how the company is shaking up its sales and marketing model to better meet traveler's desires.[61]

Legal issues

On December 23, 2016, Arizona Attorney General Mark Brnovich announced a settlement of $800,000 with Diamond Resorts over accusations that Diamond Resorts had violated the Arizona Consumer Fraud Act. Of the settlement funds, $650,000 were used for customer restitution.[20] Under the settlement, customers who had purchased timeshares in Arizona between January 1, 2011, and July 23, 2017, could be released from their timeshare, provided they gave a detailed description of deceptive statements or false promises made by Diamond Resorts employees during the sale.[62]

The Attorney General's website states that alleged misrepresentations were related to:[63]

  • The amounts maintenance fees could increase annually (in some cases up to 25% each year);
  • Consumers' ability to resell timeshares to the public;
  • The existence of Diamond buy-back programs;
  • Consumers' ability to rent out their timeshares for a profit; and
  • Discounts on other travel needs.

Similar programs

  • Bluegreen Corporation
  • Disney Vacation Club
  • Hilton Grand Vacations Company
  • Marriott Vacation Club International
  • Westgate Resorts
  • WorldMark by Wyndham
  • Wyndham Vacation Resorts Asia-Pacific

See also

  • Diamond Resorts Invitational
  • Mystic Dunes Golf Club
  • Great Wolf Resorts

References

  1. ↑ "Diamond Resorts Holdings, LLC". http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=6497221. 
  2. ↑ "DRII Board of Directors". http://investors.diamondresorts.com/phoenix.zhtml?c=251836&p=irol-govBoard. 
  3. ↑ "Diamond Resorts International's CEO Discusses Q4 2013 Results - Earnings Call Transcript". http://www.nasdaq.com/aspx/call-transcript.aspx?StoryId=2035313&Title=diamond-resorts-international-s-ceo-discusses-q4-2013-results-earnings-call-transcript. 
  4. ↑ "Timeshare developer Diamond Resorts acquires rival for $85 million". https://www.reviewjournal.com/business/timeshare-developer-diamond-resorts-acquires-rival-for-85-million/. Retrieved 29 March 2016. 
  5. ↑ "The right business connection is just a click away with Data.com Connect - Data.com". http://www.jigsaw.com/id1076898/diamond_resorts_international_inc_company.xhtml. 
  6. ↑ "UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-K". http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001566897-16-000080%2Etxt&FilePath=%5C2016%5C02%5C29%5C&CoName=DIAMOND+RESORTS+INTERNATIONAL%2C+INC%2E&FormType=10-K&RcvdDate=2%2F29%2F2016&pdf=. Retrieved 29 March 2016. 
  7. ↑ Diamond Resorts
  8. ↑ "Diamond Resorts International Announces Brand Ambassador Brittany Lincicome, LPGA Tour Professional". https://www.businesswire.com/news/home/20151214006247/en/Diamond-Resorts-International-Announces-Brand-Ambassador-Brittany. 
  9. ↑ "Brian Gay Partners". http://www.briangay.com/sponsors. 
  10. ↑ "Diamond Celebrities". 9 September 2015. https://www.diamondresorts.com/diamond-celebrities. 
  11. ↑ BWW News Desk. "Cole Swindell Extends Entertainment Sponsorship with Diamond Resorts". https://www.broadwayworld.com/bwwmusic/article/Cole-Swindell-Extends-Entertainment-Sponsorship-with-Diamond-Resorts-20180531. 
  12. ↑ "Lauren Alaina Serenades Diamond Resorts Members at Private Concert". https://www.prnewswire.com/news-releases/lauren-alaina-serenades-diamond-resorts-members-at-private-concert-300678784.html. 
  13. ↑ "Jana Kramer Defends Taking Jolie to Discovery Cove Amid Backlash". 27 March 2017. https://www.eonline.com/news/838900/jana-kramer-defends-taking-her-daughter-to-discovery-cove-amid-backlash. 
  14. ↑ "Third Annual Diamond Resorts Invitational™ Reunites PGA Tour Champions Players, LPGA Stars, Sports/Entertainment Celebrities in Golf's Most Unique Competition, January 12–14". 10 October 2017. https://www.diamondresorts.com/investor-relations/news/view/third-annual-diamond-resorts-invitationaltm-reunites-pga-tour-champions. 
  15. ↑ "Diamond Resorts Invitational Raises $570,000 for Florida Hospital for Children". 1 March 2017. https://diamondresorts.com/investor-relations/news/view/diamond-resorts-invitational-raises-570000-florida-hospital-children. 
  16. ↑ 16.0 16.1 Parker, John Holland, Stacy. "Diamond Resorts buys 6 resorts from Gold Key for $168 million". https://www.pilotonline.com/business/article_86760e66-7324-5b63-a77b-6d3e27c2d50a.html. 
  17. ↑ "Diamond Resorts Pledges to Match Donations Up to $1M for Victims of Las Vegas Massacre, Recent Hurricanes". http://www.businesswire.com/news/home/20171005006349/en/Diamond-Resorts-Pledges-Match-Donations-1M-Victims. 
  18. ↑ "Diamond Resorts International to Acquire Intrawest Resort Club Group". http://www.businesswire.com/news/home/20151125005060/en/Diamond-Resorts-International-Acquire-Intrawest-Resort-Club. 
  19. ↑ Jarzemsky, Matt; Mattioli, Dana (29 June 2016). "Apollo Global to Buy Diamond Resorts for $2.2 Billion". https://www.wsj.com/articles/apollo-global-nears-deal-to-buy-diamond-resorts-1467202412. 
  20. ↑ 20.0 20.1 Anderson, Ryan. "Attorney General Brnovich Announces $800,000 Settlement with Diamond Resorts". State of Arizona. https://www.azag.gov/press-release/attorney-general-brnovich-announces-800000-settlement-diamond-resorts. Retrieved 29 March 2018. 
  21. ↑ "Diamond Resorts Announces Senior Management Promotions". 3 March 2017. https://diamondresorts.com/investor-relations/news/view/diamond-resorts-announces-senior-management-promotions. 
  22. ↑ "Breaking from the Routine: Diamond Resorts Announces Brand Refresh". https://www.prnewswire.com/news-releases/breaking-from-the-routine-diamond-resorts-announces-brand-refresh-300585026.html. Retrieved 1 February 2018. 
  23. ↑ "LPGA introducing Diamond Resorts Tournament of Champions as its season-opener in 2019 - Golf Channel". https://www.golfchannel.com/article/golf-central-blog/lpga-introducing-diamond-resorts-tournament-champions-2019/. 
  24. ↑ "Diamond Resorts Tournament of Champions to Kick Off 2019 LPGA Season - LPGA - Ladies Professional Golf Association". http://www.lpga.com/news/diamond-resorts-tournament-of-champions-to-kick-off-2019-lpga-season. 
  25. ↑ "Diamond Resorts Acquires Amber Vacation Club - Hotel Business". 4 April 2018. https://www.hotelbusiness.com/diamond-resorts-acquires-amber-vacation-club/. 
  26. ↑ Murar, Katie (19 April 2018). "Diamond Resorts closes purchase of The Modern, prepares to launch sales". https://www.bizjournals.com/pacific/news/2018/04/19/diamond-resorts-closes-purchase-of-the-modern.html. 
  27. ↑ Clark, Patrick (10 January 2020). "Apollo's Diamond Resorts Enters Manhattan With Timeshare Deal". https://www.bloomberg.com/news/articles/2020-01-10/apollo-s-diamond-resorts-enters-manhattan-with-timeshare-deal. 
  28. ↑ Hilton Grand Vacations to Acquire Diamond Resorts, Creating the Premier Leisure Operator With the Broadest Offering in the Vacation Ownership Industry PRESS RELEASE
  29. ↑ Sperance, Cameron (19 July 2021). "How Hilton Grand Vacations Digests a $1.4 Billion Takeover Will Test Hot Timeshare Market". Skift. https://skift.com/2021/07/19/how-hilton-grand-vacations-digests-a-1-4-billion-takeover-will-test-hot-timeshare-market/. 
  30. ↑ Leonard, Mike. "Hilton Grand Vacations Board Sued Over $1.4 Billion Diamond Deal" (in en). news.bloomberglaw.com. https://news.bloomberglaw.com/securities-law/hilton-grand-vacations-board-sued-over-1-4-billion-diamond-deal. 
  31. ↑ "Hilton Grand Vacations Completes Acquisition of Diamond Resorts". https://mauinow.com/2021/08/02/hilton-grand-vacations-completes-acquisition-of-diamond-resorts/. 
  32. ↑ "Closing Release" (in en). https://www.hiltongrandvacations.com/en/news/press-releases/closing-release. 
  33. ↑ "Undercover Boss Features Cloobeck of Diamond Resorts and Brand USA". http://travel-industry.uptake.com/blog/2012/01/13/undercover-boss-with-diamond-resorts-ceo-cloobeck. 
  34. ↑ Undercover Boss. Diamond Resorts International: Stephen J. Cloobeck
  35. ↑ Undercover Boss Season 3 Sneak Peak: Premiere Shares the Softer Side of Diamond Resorts International's Stephen Cloobeck
  36. ↑ "Riviera Shores Resort - California". https://www.diamondresorts.com/riviera-shores-resort. 
  37. ↑ "Riviera Beach Resort - California". https://www.diamondresorts.com/destinations/property/Riviera-Beach-Resort. 
  38. ↑ "Daytona Beach Regency, Daytona Beach, Florida Timeshare Resort - RedWeek". http://www.redweek.com/resort/P802-daytona-beach-regency. 
  39. ↑ "Grande Villas Resort - Florida". https://www.diamondresorts.com/Grande-Villas-Resort. 
  40. ↑ "Grand Beach - Florida". https://www.diamondresorts.com/Grand-Beach. 
  41. ↑ The Point at Poipu
  42. ↑ Point at Poipu owners file complaint with AG TimeSharing Today issue № 109 Jan/Feb 2010
  43. ↑ "Polo Towers Suites - Nevada". https://www.diamondresorts.com/destinations/property/Polo-Towers-Suites. 
  44. ↑ "Polo Towers Villas - Nevada". https://www.diamondresorts.com/destinations/property/Polo-Towers-Villas. 
  45. ↑ "Great Wolf Lodge is Newest Diamond Resorts International Property in Williamsburg". http://blog.timesharesbyowner.com/index.php/2012/07/great-wolf-lodge-is-newest-diamond-resorts-international-property-in-williamsburg/#axzz2bDZxkiFK. 
  46. ↑ Embarc® Panorama
  47. ↑ "Embarc® Ucluelet - British Columbia". https://www.diamondresorts.com/destinations/property/Embarc-Ucluelet. 
  48. ↑ "Embarc® Whistler - British Columbia". https://www.diamondresorts.com/destinations/property/Embarc-Whistler. 
  49. ↑ "Embarc® Vancouver - British Columbia". https://www.diamondresorts.com/destinations/property/Embarc-Vancouver. 
  50. ↑ Embarc® Blue Mountain
  51. ↑ Embarc® Tremblant
  52. ↑ palladium/apsl. "Official Page - Grand Palladium Imbassaí Resort & Spa". http://www.palladiumhotelgroup.com/en/bahia/grand-palladium-imbassai-resort-spa/. 
  53. ↑ "White Sands Beach Club - Balearic Islands". https://www.diamondresorts.com/destinations/property/White-Sands-Beach-Club. 
  54. ↑ "Winners of 2011 Sword and Globe of Honour announced". https://www.britsafe.org/news/winners-2011-sword-and-globe-honour-announced. 
  55. ↑ Hoium, Travis. "Why Diamond Resorts International Inc.'s Stock Plunged 11% Today". http://www.fool.com/investing/general/2016/01/25/why-diamond-resorts-international-incs-stock-plung.aspx. Retrieved 28 February 2016. 
  56. ↑ 56.0 56.1 56.2 Morgenson, Gretchen. "The Timeshare Hard Sell Comes Roaring Back". https://www.nytimes.com/2016/01/24/business/diamond-resorts-accused-of-using-hard-sell-to-push-time-shares.html. Retrieved 28 February 2016. 
  57. ↑ O'Donnell, Jayne. "What smart buyers should know about time shares". http://usatoday30.usatoday.com/money/perfi/columnist/odonnell/story/2012-05-01/what-you-need-to-know-about-time-share/54670008/1. Retrieved 28 February 2016. 
  58. ↑ "Timeshares and Vacation Plans". https://www.consumer.ftc.gov/articles/0073-timeshares-and-vacation-plans. Retrieved 28 February 2016. 
  59. ↑ "FORM 10-K". https://www.sec.gov/Archives/edgar/data/1566897/000156689715000015/diamondresorts-12312014x10k.htm. Retrieved 28 February 2016. 
  60. ↑ Penman, Andrew; Greenwood, Michael. "Diamond Resorts sends in debt collectors as the fee strike spreads". https://www.mirror.co.uk/opinion/money-opinion/p-s-investigates/diamond-resorts-sends-in-debt-collectors-282643. Retrieved 28 February 2016. 
  61. ↑ "Lauren Alaina attracting millennials to Diamond Resorts' time share business". 15 May 2018. https://video.foxbusiness.com/v/5784954929001/?#sp=show-clips. 
  62. ↑ Frank, BrieAnna. "Arizona settlement releases time-share owners from contracts with Diamond Resorts". https://www.azcentral.com/story/news/local/arizona/2017/05/18/timeshare-holders-released-contracts-following-deceptive-sales-practices/329107001/. Retrieved 29 March 2018. 
  63. ↑ Garcia, Mia. "Deadline to Get Out of Timeshare Agreement Approaching". State of Arizona. https://www.azag.gov/press-release/deadline-get-out-timeshare-agreement-approaching. Retrieved 29 March 2018. 

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