Diamond Resorts International has announced it has completed the acquisition of the vacation ownership business of Gold Key Resorts, adding five vacation ownership resorts in Virginia Beach, VA and one in the Outer Banks, NC.
The acquisition adds two new East Coast locations to Diamond Resorts, bringing its global portfolio to a total of 99 managed resorts.
David Palmer, president and chief executive officer, Diamond Resorts International, said, “We are pleased to have completed this acquisition, which expands our presence on the East Coast and brings to Diamond Resorts a large owner base. We are confident that we can further accelerate the profitable growth of the Gold Key business through synergies and innovation.
“We look forward to providing these new vacation destination choices to our members, owners and guests, providing them with more opportunities to Stay Vacationed, and helping them create memorable vacation experiences in Virginia Beach and the Outer Banks.”
Similar to the rest of Diamond Resorts’ North America and Caribbean business, virtually all of Gold Key Resorts’ sales are to customers in the United States and Canada and transacted in U.S. dollars.
This addition will enhance existing North American and Caribbean operations, which account for more than 90 per cent of Global VOI Sales.
Virginia Beach, an East Coast vacation hotspot, boasts the Virginia Beach Boardwalk, a three mile, 28-foot wide icon dating back to 1888, which has been named in the top “Best American Boardwalks” by USA Today Weekend, Discovery Channel, Southern Living and Coastal Living.
With proximity to the boardwalk, Gold Key’s properties offer easy access to all the entertainment and recreation offerings in Virginia Beach. The property in Kitty Hawk, NC was purchased in 2014 and is undergoing extensive improvements to reposition it as a world-class, all–season resort destination in the Outer Banks.
The Gold Key resorts are in the following locations:
- Beach Quarters Resort in Virginia Beach, VA
- Turtle Cay Resort in Virginia Beach, VA
- Boardwalk Resort and Villas in Virginia Beach, VA
- Ocean Beach Club Resort in Virginia Beach, VA
- Oceanaire Resort in Virginia Beach, VA
- Beachwoods in Kitty Hawk, NC