Diamond Resorts expands East Coast portfolio in US

Diamond Resorts International will acquire Gold Key Resorts for US$167.5 million. The vacation ownership business manages six properties on the East Coast in the United States, including:

– Beach Quarters Resort in Virginia Beach, Virginia
– Turtle Cay Resort in Virginia Beach
– Boardwalk Resort and Villas in Virginia Beach
– Ocean Beach Club Resort in Virginia Beach
– Oceanaire Resort Hotel in Virginia Beach
– Beachwoods in Kitty Hawk, North Carolina

“We are purchasing a business with a history of a strong operating performance, and we believe that we can leverage our successful track record of growth through acquisitions, achieving synergies and value creation through sales innovation and cost savings,” said David Palmer, president and CEO of Diamond Resorts. “We are confident this transaction is a smart allocation of capital and a strong catalyst to create long-term shareholder value.”

“We are excited to enter into this agreement,” added Bruce Thompson, CEO of Gold Key Resorts. “This acquisition positions these properties for future growth within a very prestigious international portfolio with extensive offerings. Our owners will benefit from this tremendously.”