Vacation ownership industry leader expands
presence with third property in Japan
Hilton Grand Vacations Inc. (NYSE:HGV) the premier vacation
ownership and experiences company, today announced it has purchased
the Citadines Kyoto Karasuma Gojo in Kyoto, Japan. This will be the
company’s first property in Kyoto and its third property in
Japan.
“Building on our history as the leading vacation ownership
company in Japan, we’re thrilled to expand our portfolio to offer
even more vacation experiences to our members,” says Mark Wang, CEO
of Hilton Grand Vacations. “Kyoto is a world-famous cultural
destination for travelers, filled with history, heritage and
elegance, and we’re excited to engage with new members and guests
seeking cultural immersion.”
Kyoto Prefecture is an internationally renowned destination for
travelers from around the world. In 2023, Kyoto saw a record 75
million tourists, representing a 13% increase from the previous
year and comparable to Orlando’s 74 million annual visitors. It is
further expected that 2024 will set a new record for visitors to
Kyoto.
Ideally situated in the historic Kyoto tourism and business
district, HGV plans to fully renovate the property into 63 modern
one-bedroom timeshare units, each equipped with kitchens. Planned
resort amenities include a fitness center. Restaurants, shopping,
entertainment and must-see historic landmarks are a short walk from
the property, making it an ideal base to explore Kyoto and its
UNESCO World Heritage Sites.
Renovation is anticipated to begin in the second quarter of
2025, with project completion expected in the first quarter of
2026. The start of sales for the property is expected to begin in
the second quarter of 2025.
Purchasing Citadines Kyoto Karasuma Gojo project is part of
HGV’s continued efforts to expand its presence in Japan. This
project will demonstrate the company’s ongoing commitment to
investing in Japan. Since 2012, HGV has seen year-over-year member
growth, with the current member exceeding 72,000 in Japan. While
Hawaii remains a highly sought-after destination among Japanese
members, this property will also appeal to those who prefer
domestic destinations.
HGV’s most recent property in Japan was The Beach Resort Sesoko,
a Hilton Club, which opened in October 2021. Its first property in
Japan, The Bay Forest Odawara, a Hilton Club, opened in 2018.
JLL assisted in brokering the transaction.
Important Notice
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements convey management’s
expectations as to the future of HGV, and are based on management’s
beliefs, expectations, assumptions and such plans, estimates,
projections and other information available to management at the
time HGV makes such statements. Forward-looking statements include
all statements that are not historical facts, and may be identified
by terminology such as the words “outlook,” “believe,” “expect,”
“potential,” “goal,” “continues,” “may,” “will,” “should,” “could,”
“would,” “seeks,” “approximately,” “projects,” “predicts,”
“intends,” “plans,” “estimates,” “anticipates,” “future,”
“guidance,” “target,” or the negative version of these words or
other comparable words, although not all forward-looking statements
may contain such words. The forward-looking statements contained in
this press release include statements related to HGV’s revenues,
earnings, taxes, cash flow and related financial and operating
measures, and expectations with respect to future operating,
financial and business performance and other anticipated future
events and expectations that are not historical facts. HGV cautions
you that our forward-looking statements involve known and unknown
risks, uncertainties and other factors, including those that are
beyond HGV’s control, which may cause the actual results,
performance or achievements to be materially different from the
future results. Any one or more of these risks or uncertainties
could adversely impact HGV’s operations, revenue, operating profits
and margins, key business operational metrics, financial condition
or credit rating. For a more detailed discussion of these factors,
see the information under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in HGV’s most recent Annual Report on Form
10-K, which may be supplemented and updated by the risk factors in
HGV’s quarterly reports, current reports and other filings HGV
makes with the SEC. HGV’s forward-looking statements speak only as
of the date of this communication or as of the date they are made.
HGV disclaims any intent or obligation to update any
“forward-looking statement” made in this communication to reflect
changed assumptions, the occurrence of unanticipated events or
changes to future operating results over time.
About Hilton Grand Vacations Inc.
Hilton Grand Vacations Inc. (NYSE:HGV) is recognized as a
leading global timeshare company and is the exclusive vacation
ownership partner of Hilton. With headquarters in Orlando, Florida,
Hilton Grand Vacations develops, markets, and operates a system of
brand-name, high-quality vacation ownership resorts in select
vacation destinations. Hilton Grand Vacations has a reputation for
delivering a consistently exceptional standard of service, and
unforgettable vacation experiences for guests and approximately
720,000 Club Members. Membership with the Company provides
best-in-class programs, exclusive services and maximum flexibility
for our Members around the world.
For more information, visit www.corporate.hgv.com. Follow us on
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version on businesswire.com: https://www.businesswire.com/news/home/20241003674372/en/
Lauren George 407-613-8431 lauren.george@hgv.com
Hilton Grand Vacations (NYSE:HGV)
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