Diamond Resorts International Announces Joint Venture with China Travel International and Dorsett Hospitality International
Diamond Resorts International, Inc. (NYSE:DRII) announced that it has signed a definitive agreement with China Travel International Investment Hong Kong Ltd. (HKEx Stock Code 00308) and Dorsett Hospitality International Limited (HKEx Stock Code 2266), forming a joint venture to create, market, sell and service vacation packages and associated benefits (including vacation ownership) to customers in Asia.
“We are excited to be a part of this new joint venture,” said David F. Palmer, President and Chief Executive Officer of Diamond Resorts International. “At Diamond Resorts, we believe in the power of vacations to improve and enrich people’s lives. Through our new venture, we will bring new, customized vacation products to Asian consumers. We are delighted to be partners in this venture with China Travel and Dorsett Hospitality, two successful companies with established track records providing superior hospitality to Asian consumers.”
“We see strong and growing demand for vacation travel in China and Asia and are delighted to be able to work with our renowned partners Diamond Resorts and Dorsett Hospitality in this joint venture to offer quality vacation products and services tailored to the travel lifestyle of our valued customers,” said Jeremy Xu, Executive Director & General Manager of China Travel International.
“With China Travel’s stronghold in China and additional offices in Asia, Europe, North America and Oceania, which is in line with Dorsett Hospitality International’s ‘Chinese Wallet’ strategy, coupled with Diamond Resorts International’s destinations in 34 countries and Dorsett Hospitality International’s aggressive growth plan not only within Asia but beyond, I am confident that this joint venture will enable us to tap onto each other’s expertise, market space and will offer travellers a whole new travel and hospitality experience,” said Winnie Chiu, President and Executive Director of Dorsett Hospitality International.
The joint venture agreement provides for China Travel International Investment Hong Kong Ltd., through an affiliate, to hold a 40% interest in the joint venture, and each of Diamond Resorts International, Inc., through an affiliate, and Dorsett Hospitality International Limited, through an affiliate, to hold a 30% interest in the joint venture. However, each party will have equal representation on the venture’s board of directors, and governance of the venture will be shared equally. The execution of the joint venture agreement begins the development phase of the venture; a launch date for the venture’s products was not announced.
About Diamond Resorts International(R)
Diamond Resorts International(R), with its network of more than 300 vacation destinations located in 34 countries throughout the continental United States, Hawaii, Canada, Mexico, the Caribbean, South America, Central America, Europe, Asia, Australia and Africa, provides guests with choices and flexibility as they design their dream vacation, whether they’re traveling an hour away or around the world. Our relaxing vacations have the power to give guests an increased sense of happiness and satisfaction in their lives, with truly memorable and meaningful experiences that let them Stay Vacationed.TM
Diamond Resorts International(R) manages vacation ownership resorts and sells vacation ownership points that provide members and owners with Vacations for Life(R) through 93 managed resorts, 210 affiliated properties and cruise itineraries. To learn more, visit www.diamondresorts.com.
About China Travel International
China Travel International is an investment holding company engaged in operation of travel destinations (including hotels, theme parks, natural and cultural scenic spots and leisure resorts), travel agency and related business operations, passenger transportation, arts performance and power generation.
About Dorsett Hospitality International
Dorsett Hospitality International currently owns and manages 22 hotels in China, Hong Kong, Malaysia and London under three distinct brands, namely the mid to upscale Dorsett Hotels & Resorts, the d.Collection comprising a range of charismatic boutique hotels, and the value-led Silka Hotels.
This press release contains forward-looking statements related to a new joint venture in Asia, including statements regarding the anticipated launch of the venture’s business. These forward-looking statements are covered by the “Safe Harbor for Forward-Looking Statements” provided by the Private Securities Litigation Reform Act of 1995. We have tried to identify these forward looking statements by using words such as “expect,” “anticipate,” “plan,” “will,” “would,” “should,” “could,” “believe” or similar expressions, but these words are not the exclusive means for identifying such statements. We caution that a number of risks, uncertainties and other factors could cause actual results or performance to differ materially from those expressed in, or implied by, the forward-looking statements. Except as expressly required by the federal securities laws, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.
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