CHARLESTON, S.C.--(BUSINESS WIRE)--
Hilton
Grand Vacations Inc. (NYSE:HGV) and Strand Capital Group, LLC,
announce Liberty Place Charleston by Hilton Club. The downtown resort
will be HGV’s first property in the historic Charleston, South Carolina,
market as well as HGV and Strand’s first joint venture as development
partners.
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Liberty Place Charleston by Hilton Club - Exterior Rendering | Proposed and subject to change. © 2018 Hilton Grand Vacations.
HGV’s $10 million investment in the capital-efficient joint venture
structure allows the company to generate strong business results, while
maintaining flexibility with cash flow for additional growth
opportunities.
“Charleston is a highly desirable market, and adding this property to
our portfolio advances all of our strategic priorities, especially
growing our member base and expanding our brand presence,” says Mark
Wang, president and CEO of Hilton Grand Vacations. “HGV continues to
deploy resources and add new destinations, which is a key driver of Net
Owner Growth as it attracts new owners and increases product options for
our existing owners.”
Liberty Place Charleston, HGV’s fifth property developed in
collaboration with Strand in South Carolina, will offer 100 units,
including studios and one- and two-bedroom suites. Resort amenities are
planned to include a fitness center, lobby bar and owners’ lounge. The
property is within walking distance of The Battery, South Carolina
Aquarium, dining, shopping and entertainment.
Construction on the project, located at 475 E. Bay St., is anticipated
to begin in the fourth quarter of 2018, with completion in the second
quarter of 2020. Sales for the property are expected to begin in early
2019. In addition to an ownership stake in this project, HGV will
market, sell and manage the property under a fee-for-service agreement
with the HGV/Strand joint venture.
As the oldest and largest city in South Carolina, Charleston is
well-known for its rich history, and this property has historical
significance as it is home to the approximate location of the iconic
Liberty Tree. The tree was a meeting place for the citizens of
Charleston and where the Declaration of Independence was first read to
them.
About 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 285,000 Club Members. For more information, visit www.hgv.com
and www.hiltongrandvacations.com.
About Strand Capital Group, LLC
Strand Capital Group is one of the premier real estate development firms
along the Carolina Coast specializing in oceanfront hotel, timeshare and
resort condominium development located primarily in South Carolina
including Hilton Head, Charleston and Myrtle Beach. The firm is also
active in commercial, residential and mixed-use projects. For more
information, visit www.strandcapital.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180418006283/en/
Hilton Grand Vacations Inc.
Lauren George, 407-619-0898
Lauren.George@hgv.com
Source: Hilton Grand Vacations Inc.