Hilton Grand Vacations (HGV) offerings just increased by 40%. The company agreed to merge with Bluegreen Vacations Holding Corp. The acquisition has increased Hilton’s membership base from 525,000 to 740,000 vacation owners. Bluegreen has added 49 club resorts and 24 associate resorts to HGV’s flexible vacation business, which already owns and operates nearly 200 properties around the world.
The Hilton hotel subsidiary paid Bluegreen $1.5 billion in an all-cash transaction. Bluegreen is from Boca Raton. HGV is based in Orlando. The deal is expected to add $100 million a year in recurring cost savings in the first two years.
“I’m thrilled to welcome Bluegreen Vacations to the HGV family, uniting two highly complementary businesses to further scale and diversify our best-in-class offering,” said Mark Wang, president and CEO of Hilton Grand Vacations.