LAS VEGAS -- Las Vegas-based vacation ownership firm Diamond Resorts
acquired two rival firms following the company’s initial public stock
offering, which closed a week ago.
Diamond Resorts said in a
statement late Wednesday it bought seven properties in Florida operated
by Island One and acquired seven properties in Las Vegas, California and
Mexico owned by Pacific Monarch Resorts.
Last year, Diamond Resorts acquired most of Pacific Monarch management agreements.
The company did not disclose financial details for the transactions.
“These
types of acquisitions represent an excellent strategic growth platform
for our business,” Diamond Resorts Chief Executive Officer David Palmer
said in a statement. “Coinciding with our initial public offering, these
transactions will benefit our business by adding significant cash flow
to our hospitality management segment.”
Diamond Resorts has a network of more than 300 vacation destinations in 33 countries.
Shares of Diamond Resorts closed at $15.40 on the New York Stock Exchange, up 7 cents or 0.46 percent.
