|
|
Aligns with Marriott Vacation Club International |
LAS VEGAS, April 3, 2003
- Marriott Vacation Club International (MVCI) and vacation ownership pioneer,
Diamond Resorts International (DRI) announced today the formation of a
development and sales and marketing alliance for timeshare resorts in Las
Vegas.
The initial focus of this relationship is to market and sell the remaining inventory within Polo Towers which will remain under the Diamond Resorts brand, in addition to a joint venture to develop DRI's previously announced, "Chateau" resort. This vacation ownership property will be a Marriott
Vacation Club-branded resort offering 840 currently approved one-, two-
and three-bedroom villas in four 33-story towers. The "Chateau" will
be located adjacent to Polo Towers and nestled between the Aladdin and
MGM Grand hotels. In concert with the growing trend of
"We have long viewed Las Vegas as a dynamic destination and one that will be a complement to our extensive portfolio. Recognizing the interest expressed by many of our owners, Las Vegas is already established as a high demand choice for both purchasers and exchangers," said Stephen P. Weisz, president of Marriott Vacation Club International. "By combining the talents and resources of both companies, we will have a significant advantage in this competitive market." "As one of the most successful independent developers for nearly 25 years, we see Las Vegas approaching a period of consolidation, combined with an ever increasing presence of branded developers. Although we have enjoyed phenomenal success, we see this alliance as the catalyst to power forward our dominant position in the Southern Nevada market for years to come," stated Stephen J. Cloobeck, RRP, chairman and CEO, DRI. "We have worked diligently for many years to grow a company from a few employees to a family that now numbers over 800. We have witnessed firsthand and in fact have been an integral part of the transformation of Las Vegas from a sleepy desert vacation spot into a world class resort destination. This alliance provides for the perfect marriage of the Las Vegas entrepreneurial spirit of the past, with the distinct advantages associated with one of the worlds most recognizable and respected brands, for the future," stated Robert C. Wengel, RRP, President and COO, DRI. "Additionally, we are pleased to have Bob Wengel join Marriott Vacation Club International to oversee our Southern Nevada operations. His involvement in DRI from its genesis is an invaluable asset," continued Weisz. Under the terms of the alliance, MVCI will assume control of certain DRI assets including some fixed assets and the current marketing and sales platforms. Both resort companies will continue their membership with the global exchange company, Interval International. The relationship will continue to actively pursue future development opportunities. Furthermore, the alliance will not affect other Diamond Resorts properties in Las Vegas, Hawaii and other locations where DRI operates. About Diamond Resorts International
About Marriott Vacation Club International
Marriott International operates and franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Ramada International brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club International, Horizons, The Ritz-Carlton Club and Marriott Grand Residence Club brands; operates Marriott Executive Apartments; provides furnished corporate housing through its Marriott ExecuStay division; and operates conference centers. The company is headquartered in Washington, D.C., and has approximately 144,000 employees. |
Marriott Vacation Club International www.marriottvacationclub.com |