Strong Q2 results for Hilton Grand Vacations
Global timeshare company Hilton Grand Vacations (HGV) has reported strong second-quarter and six-months 2017 results, with increased contract sales and strong net owner growth.
The company, which was spun off from Hilton in January 2017, saw Earnings Per Share (EPS) increase by 6.3 per cent on the same period in 2016, while net income rose to $51 million – up 8.5 per cent on the previous year.
Highlights from the reported results include:
- EPS was $0.51 for the second quarter, a 6.3 per cent increase from the same period in 2016.
- Net income for the second quarter was $51 million, an 8.5 per cent increase from the same period in 2016.
- Adjusted EBITDA for the second quarter increased 2.9 per cent from the same period in 2016 to $106 million.
- Contract sales for the second quarter increased 11.0 per cent from the same period in 2016.
- Net Owner Growth (NOG) for the 12 months ending June 30, 2017, was 7.2 per cent.
- Subsequent to the second quarter, the Company entered into a joint venture agreement with affiliates of Blackstone Real Estate Partners VIII L.P. to purchase Elara, a Hilton Grand Vacations Club, located in Las Vegas.
Mark Wang, president and CEO of Hilton Grand Vacations, said: “During the second quarter, we reported increased contract sales and strong net owner growth (NOG), while executing against our five strategic priorities.
“More recently, we announced a joint venture with Blackstone to acquire Elara, a Hilton Grand Vacations Club, located in Las Vegas. This opportunistic business venture allows us to remain capital efficient, while honoring our commitment toward enhancing member experiences.
“Collectively, we believe these achievements position us to continue unlocking new profit streams and maximising shareholder value.”