HONOLULU--(BUSINESS WIRE)--Hilton Grand Vacations Inc. (NYSE: HGV) announces Maui Bay Villas by Hilton Grand Vacations, which will be HGV’s 10th property in Hawaii and its first on the island of Maui.
“Our customers consistently rank Maui as one of their top requests for expanding our portfolio of resorts, and we’re thrilled to add this spectacular destination for our owners and guests,” says Mark Wang, president and CEO, Hilton Grand Vacations. “Expanding our brand presence to a third Hawaiian Island will further support Net Owner Growth by attracting new customers and enhancing the experience we offer our current owners.”
Maui Bay Villas is located on a 27-acre site featuring 740 feet of oceanfront with views of Maalaea Bay. The resort will offer 388 units of one-, two- and three-bedroom suites, averaging 962 square feet, among a dozen one- to four-story buildings that are arranged in a low-density, resort-type campus. Planned amenities include a large clubhouse with restaurant, keiki club, fitness center, grab-and-go market, large “super pool” with pool bar, oceanfront beach club and more than 15 acres of open-lawn recreational space. The resort site is located on Maui’s southwestern coast at 575 South Kihei Road.
The initial phase of the project includes 131 units within four buildings, plus all the supporting buildings and improvements, and is scheduled to be completed in the first quarter of 2021. Sales are expected to begin in the first quarter of 2020. Development costs for this project were included in the overall 2019-2021 inventory spending guidance that was provided during HGV’s Investor Day presentation on Dec. 4, 2018.
Forward-Looking Statements
Statements in this press release that are not historical facts may be forward-looking statements. Forward-looking statements involve substantial risks and uncertainties that could cause the outcome to be materially different. Words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “would” or similar expressions indicate a forward-looking statement; however, not all forward-looking statements include these identifying words. Actual results may differ materially from those contemplated by such forward-looking statements, including those set forth in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of HGV’s most recent Annual Report on Form 10-K and HGV’s most recent Form 10-Q; as such, Risk Factors may be updated from time to time in subsequent reports. Further, forward-looking statements speak only as of the date they are made, and HGV undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by law.
About Hilton Grand Vacations Inc.
Hilton Grand Vacations Inc. (NYSE: HGV) is recognized as a leading global timeshare company. With headquarters in Orlando, Florida, HGV 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 300,000 club members. For more information, visit www.hgv.com and www.hiltongrandvacations.com.
