ST. PHILIP, BARBADOS – 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 RCIâ,
the world largest vacation exchange network, and The Registry Collectionâ, 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.
About Millennium Investments Ltd.
Millennium Investments Ltd. is a privately owned real estate development company in Barbados. A
fully vertically integrated industry leader, the company has considerable experience in developing, operating and
selling Caribbean resort residences. Its flagship property, The Crane Resort, has earned numerous global accolades
for its world-class product and service and boasts consistently high levels of customer satisfaction. A second
residential resort, Beach Houses, is under construction on Barbados’ Southeast coast, which upon completion will
add an exclusive selection of free-standing, luxury, oceanfront villas to the company’s portfolio. For more
information, visit www.craneresorts.com.
Hilton Grand Vacations Inc.
Hilton Grand Vacations Inc. (NYSE:HGV) is recognized as a leading global timeshare company. With headquarters
in Orlando, Fla., Hilton Grand Vacations 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 295,000 Club Members. For more information, visit
www.hgv.com and www.hiltongrandvacations.com.
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