Dive Brief:
- Hilton Grand Vacations will acquire Boca Raton, Florida-based vacation ownership company Bluegreen Vacations for approximately $1.5 billion in an all-cash deal, the companies announced Monday.
- The move adds Bluegreen Vacations’ 49 resorts to HGV’s portfolio across vacation destinations including Orlando and Panama City Beach, Florida; Las Vegas; Myrtle Beach and Charleston, South Carolina; Branson, Missouri; Nashville; and New Orleans.
- HGV said the acquisition will broaden its offerings and reach to create “a premier vacation ownership and experiences company,” increasing its membership base by more than 200,000 and expanding its resort portfolio from 150 to nearly 200 properties.
Dive Insight:
The properties to be added to HGV’s portfolio are in 14 new markets and eight new states for the company. In a statement, HGV President and CEO Mark Wang called the joining of the two companies a “highly complementary combination.”
The acquisition will also diversify HGV’s lead flow through Bluegreen’s existing partnerships, which include an exclusive marketing agreement with Bass Pro Shops. HGV has signed its own 10-year agreement with the sporting goods company, which will see the company replace Bluegreen as the outdoor sporting brand’s official vacation ownership partner.
“I’m particularly excited about the opportunity to enter into a new relationship with Bass Pro Shops and its actively engaged, loyal community of outdoor enthusiasts,” Wang said. “We’re confident that our team members, shareholders, members and consumers will all significantly benefit from the combination of these exceptional organizations.”
Bluegreen Chairman and CEO Alan Levan said combining with HGV “will create an even more compelling vacation ownership offering, continuing to provide our owners and guests with enjoyable and unique experiences across a broader range of world-class destinations.”
HGV’s current management team, including Wang, CFO Dan Mathewes and COO Gordon Gurnik are expected to continue in their roles at the combined company after the transaction closes.
The transaction is expected to close in the first half of 2024, following stockholder and regulatory approvals.
