BRIDGETOWN, Barbados, Tuesday September 11, 2018 – International timeshare company Hilton Grand Vacations Inc. (HGV) has acquired interests in Barbados’ first resort, offering timeshare weeks in HGV’s first Caribbean destination.
The timeshare weeks at The Crane Resort, which will be made available to HGV owners and their guests, will be branded ‘Hilton Grand Vacations at The Crane’.
“Our owners tell us how much they love beach vacations, so we couldn’t be more excited to offer our first Caribbean destination within a world-class resort and a spectacular location,” says Mark Wang, president and CEO, Hilton Grand Vacations.
“This new project is one more way we’re continuing to expand our brand presence and maximize customer experience.”
The Crane Resort was founded in 1887 and is the oldest continuously operating resort in the Caribbean. It is located on 40 acres of beachfront property on one of the top beaches in the world.
Resort amenities include a 1.5-acre cascading cliff-top pool complex, day spa, retail, fitness centre, kids’ club, gardens, rooftop terraces and award-winning dining with seven restaurant and beverage options. In addition, many suites have large, private swimming pools.
To continue expanding its resort portfolio and offer new destinations to Club Members, HGV is acquiring existing one-, two- and three-bedroom suite inventory in phases from Millennium Investments Limited for an anticipated total project investment of US$54.6 million over three years. Sales are planned to start in the fourth quarter of this year, and HGV Club Membership occupancy is expected to begin in January 2019.
Managing Director of the Crane Resorts, Paul Doyle said hhe new deal would allow the Crane to have year-round guests.
“It is quite an opportunity for us; it really takes the seasonality out of the business,” he said.
“Hilton Grand Vacations is very large and very well respected in the industry. They have the reputation of being on a great growth trajectory. Their valuation on the New York Stock Exchange is in excess ofUS $3 billion; their annual timeshare sales are in excess of US$1.2 billion a year; and US$100 million every month.”
Barbados’ Prime Minister Mia Mottley welcomed the announcement of the investment.
“Government is delighted that the Crane has been able to enter into negotiations, and a successful transaction with Hilton Grand Vacations. This new area of business is important to the country…The Government of Barbados recognises that if we are to get out of where we have found ourselves…then the only way is through growth and this is growth,” she said.
“We see this as a tremendous addition to boosting our US marketing efforts; to securing our US airlift and to creating the platform for additional construction and expansion of rooms in a critical area of our tourism market that has a different loyalty, commitment and brand than your average tourist.”