Since 2012, the 83-unit, ski-in mountain lodge in Park City, Utah, has been operating under a fee-for-service agreement through which HGV provided marketing, sales and resort management services to the seller Sunrise Park City, LLC and its asset manager Lantern Asset Management.
“In buying Sunrise Lodge, we’re deploying our capital to secure another owned resort and on-site sales center, lock in a long-term management contract, realize improved economics on remaining inventory and offer our customers a consistent branding experience,” says Mark Wang, president and CEO, Hilton Grand Vacations.
The transaction is anticipated to be funded by existing cash on HGV’s balance sheet and expected to be accretive to HGV’s total adjusted EBITDA and EPS.
Sunrise Lodge is located at the base of the Sunrise lift in the Canyons area of Park City Mountain Resort – the largest ski resort in the U.S. The property, which is comprised of spacious one-, two-, three, and four-bedroom suites, is situated minutes from restaurants, shopping, historic Main Street and Utah Olympic Park.
Amenities include an outdoor year-round heated swimming pool with two oversized spas, lobby lounge, complementary shuttle service within Park City, on-site ski equipment rental, ski-in access and exercise facilities.
This document 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. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words.
Such forward-looking statements are subject to various risks and uncertainties, including, among others, risks inherent to the timeshare industry, macroeconomic factors beyond our control, competition for timeshare sales, risks related to doing business with third-party developers, performance of our information technology systems, risks of doing business outside of the U.S. and our indebtedness. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2016, and our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2017, filed with the Securities and Exchange Commission (“SEC”), as such disclosures may be updated from time to time in our periodic filings with the SEC. These documents are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These disclosures should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
About Lantern Asset Management
Lantern Asset Management, with headquarters in Dallas, Texas, is a leading private equity firm focused on managing and investing in middle market businesses. Lantern endeavors to build long-term value by helping its portfolio companies solve operational, financial and process issues. Lantern’s team believes in hands-on investment management and partnership with leading industry executives. For more information, visit www.lanternam.com.
About Hilton Grand Vacations Inc.
Hilton Grand Vacations Inc. (NYSE: HGV) is recognized as a leading global timeshare company. With headquarters in Orlando, Fla., 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 275,000 Club Members. For more information, visit www.hgv.com and www.hiltongrandvacations.com.