The deal comes at a time when inflation is beginning to weigh on domestic travel in the U.S, following a surge in demand as COVID-related lockdowns were lifted in the last two years.
Vacation property operator Hilton Grand Vacations said on Monday it would buy peer Bluegreen Vacations in a $1.5 billion deal including debt to broaden its customer base and beef up its offerings. The deal comes at a time when high inflation is beginning to weigh on domestic travel in the United States, following a surge in demand as COVID-related lockdowns were lifted in the last two years.
Hilton Grand also said it has signed an exclusive 10-year marketing agreement with outdoor retailer Bass Pro Shops. Shares of Bluegreen Vacations more than doubled to $72.86 in Monday's premarket trading, while shares of Hilton Grand were down 3.4%. Hilton Grand said the deal, expected to close during the first half of 2024, will increase its membership base to more than 740,000, from more than 525,000, and its resort portfolio from 150 to nearly 200 properties in 14 new geographies and eight new U.S. states. GET FOX BUSINESS ON THE GO BY CLICKING HERE Credit Suisse Securities and Wells Fargo are acting as financial advisors to Bluegreen Vacations, and BofA Securities is acting as the exclusive financial advisor for Hilton Grand Vacations.
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Hilton Grand Vacations to buy Bluegreen Vacations for a more-than 100% premiumTomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.
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