Hilton Grand Vacations Inc. (HGV) has formed a joint venture with Blackstone Real Estate Partners VIII affiliates to acquire the Elara timeshare resort in Las Vegas. Orlando-based HGV will take on a 25 percent stake in the venture for approximately $40 million. The company will also continue to market, sell and manage the resort, which flies the Hilton Grand Vacations Club flag, under existing fee-for-service agreements. The purchase price and the seller in the transaction were not disclosed.
Source: Boutique Design