UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): June 28, 2018
Hilton Grand Vacations Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware | 001-37794 | 81-2545345 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
6355 MetroWest Boulevard, Suite 180
Orlando, Florida 32835
(Address of principal executive offices, including zip code)
(407) 722-3100
(Registrants Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. | Other Events. |
On June 28, 2018, Hilton Grand Vacations Inc. (the Company) announced that it had completed the acquisition of a 17-story property in New York City known as the Quin for $175.0 million, marking it its fourth property in New York City. The Company acquired the 17-story property with plans to convert the existing 208 hotel rooms into 212 studio, one-bedroom and two-bedroom timeshare units. A copy of the press release is attached to this Current Report on Form 8-K as exhibit 99.1.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit No. |
Description | |
Exhibit 99.1 | Press release, dated June 28, 2018. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
HILTON GRAND VACATIONS INC. | ||
By: | /s/ Charles R. Corbin | |
Charles R. Corbin | ||
Executive Vice President, Chief Legal Officer and Secretary |
Date: July 2, 2018
Exhibit 99.1
MEDIA CONTACT: Lauren George 407-613-8431 Lauren.George@hgv.com |
FOR IMMEDIATE RELEASE
Hilton Grand Vacations expands urban portfolio, purchases fourth property in New York City
ORLANDO, Fla. (June 28, 2018) Hilton Grand Vacations Inc. (NYSE:HGV) announces it has acquired the Quin, which will be its fourth property in New York City. HGV purchased the 17-story property with plans to convert the existing 208 hotel rooms into 212 studios and one- and two-bedroom timeshare units.
We are excited to announce the acquisition of the Quin, our fourth property in New York City and an important milestone in our 2018 inventory investment program, says Mark Wang, president and CEO of Hilton Grand Vacations. Adding high-quality properties in desirable destinations is a key component in advancing our strategic priorities.
The Quin, a well-known luxury lifestyle hotel in Midtown Manhattan, is located near Broadway, Carnegie Hall and Times Square, with views of Central Park. It once housed the centurys greatest artists, including Ignacy Jan Paderewski, Georgia OKeeffe and Marc Chagall. Resort amenities are expected to include a private owners lounge, fitness center and restaurant.
Purchasing the Quin is part of HGV expanding its portfolio of urban vacation options available to Club Members. The Residences by Hilton Club opened in June 2018. Previously, HGV opened two properties in Manhattan, including The Hilton Club New York in 2002 and West 57th Street by Hilton Club in 2009, which was the first purpose-built timeshare property ever constructed in New York City.
HGV has entered into an agreement with the current management company while the property is being fully transitioned to HGVs resort management and operations. The property will remain open during all phases of transition, and sales are anticipated to begin by the fourth quarter of 2019. HGV purchased the Quin for $175 million.
Important Notice
Statements in this press release that are not historical facts may be forward-looking statements. Words such as anticipate, believe, expect and intend indicate a forward-looking statement, although not all forward-looking statements include these words. Forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different.
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 290,000 Club Members. For more information, visit www.hgv.com and www.hiltongrandvacations.com.
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