KYOTO, Japan--(BUSINESS WIRE)--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.
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