Millennium Investments, owner and developer of The Crane Resort, has completed a multi-million dollar sale of timeshare interests in its 131-year-old Barbados resort to Hilton Grand Vacations Inc. (NYSE:HGV).
HGV is one of the world’s largest luxury timeshare companies with annual sales in excess of US$1 Billion and over 295,000 Club Members.
“Our owners tell us how much they love beach vacations, so we couldn’t be more excited to offer our first Caribbean destination within a world-class resort and a spectacular location,” says Mark Wang, president and CEO, Hilton Grand Vacations. “This new project is one more way we’re continuing to expand our brand presence and maximize customer experience.”
HGV is acquiring existing one-, two- and three-bedroom suite inventory in phases from Millennium Investments Ltd. for an anticipated total project investment of US$54.6 million over 30 months. That inventory will then become a part of the HGV Club, and the Project will be known as “Hilton Grand Vacations at The Crane,” with Club membership occupancy expected to begin in January 2019.
“We are thrilled that HGV’s first timeshare offering in the Caribbean will be within The Crane Resort,” said Paul Doyle, owner and Managing Director of the property. “We are confident that our relationship with HGV will bring consistently high occupancy levels, assist in supporting full-time, year-round hospitality jobs at The Crane, and allow us to significantly accelerate our growth in Barbados.”
Millennium Investments Ltd. will continue to own and manage The Crane Residence Club and will provide on-site management services to Hilton Grand Vacations at The Crane. The entire resort will maintain HGV brand standards, and its management and staff will benefit from new training opportunities with this renowned global brand.
The Crane Resort was founded as Barbados’ first resort in 1887 and is the oldest continuously operating resort in the Caribbean. Since 2000, The Crane has been ranked one of the highest resorts in both RCI®, the world largest vacation exchange network, and The Registry Collection®, an elite network of the world’s finest vacation experiences. Located on 40 acres of beachfront property on one of the top beaches in the world, The Crane’s amenities include a 1.5 acre cascading cliff-pool complex, a day spa, retail, fitness centre, kids’ club and award-winning dining with seven restaurant and beverage options.