{"id":1472,"date":"2016-07-01T17:51:38","date_gmt":"2016-07-01T17:51:38","guid":{"rendered":"http:\/\/www.top10casinowebsites.net\/?p=1472"},"modified":"2016-07-01T17:51:38","modified_gmt":"2016-07-01T17:51:38","slug":"private-equity-firm-purchases-las-vegas-resort-diamond-resorts","status":"publish","type":"post","link":"https:\/\/www.top10casinowebsites.net\/news\/private-equity-firm-purchases-las-vegas-resort-diamond-resorts\/","title":{"rendered":"Private Equity Firm Purchases Las Vegas Resort Diamond Resorts"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.top10casinowebsites.net\/wp-content\/uploads\/2016\/07\/cancun-resorts-las-vegas.jpg\" alt=\"Cancun Resorts Las Vegas\" width=\"300\" class=\"alignright size-full wp-image-1473\" \/><a href=\"https:\/\/www.diamondresorts.com\/\">Diamond Resorts International<\/a> recently announced that it has entered into a sale agreement estimated to be around $2.2 billion with a private equity firm. Diamond Resorts is a Las Vegas-based timeshare resort company that has a network of around 420 properties spread across 35 countries.<\/p>\n<p>The company stated that it has entered into an agreement with the affiliate entities of private equity firm <a href=\"http:\/\/www.agm.com\/Home.aspx\">Apollo Global Management<\/a> and would complete an all-cash sale. Diamond\u2019s major properties in Las Vegas include the <strong>Cancun Resorts Las Vegas<\/strong> situated on Las Vegas Boulevard South and the Polo Towers on the Strip.<\/p>\n<p>The deal price represents a premium of 26 percent over its latest stock price and is higher by 58 percent over its price in February when it had first declared its intention to explore possible options for selling out. Diamond CEO <strong>David Palmer<\/strong> said that the company had been built with a strong focus on operational excellence, customer satisfaction and hospitality, resulting in strong cash positions and excellent financial results.<\/p>\n<p>In a statement <strong>David Sambur<\/strong> Apollo partner said, <\/p>\n<blockquote><p>Stephen (Cloobeck, Diamond\u2019s founder), David (Palmer), the management team and Diamond\u2019s more than 8,000 team members have built an amazing customer-centric business with a great reputation that delivers award-winning hospitality experiences at great value. We look forward to bringing Apollo\u2019s resources to bear and working with the Diamond Resorts team to continue to grow and enhance their business.<\/p><\/blockquote>\n<p>The deal is expected to be finalized in the next couple of months. Apollo is a global private equity firm with operations worldwide. The company <strong>manages around $173 billion in private equity<\/strong>, real estate and credit funds that have been invested in companies in nine industries where Apollo claims it has substantial experience<\/p>\n<p>Despite the deal having price premium over current stock value, two law firms have filed a lawsuit alleging that the deal was not a fair price and Diamond\u2019s management team had violated their fiduciary duty by not pursuing a higher deal value.<\/p>\n<p><strong>Johnson &amp; Weaver<\/strong> a law firm based in San Diego is one of the firms that have launched an investigation into the agreement. The other firm is Andrews &amp; Springe based in Wilmington, Delaware which has also launched a similar investigation based on the terms agreed upon by Diamond.<\/p>\n<p>The law firms are probing to establish if $30.25 a share was a fair price. Johnson &amp; Weaver have pointed to a report by a Wall Street analyst which put the target price for Diamond\u2019s share at $35 a share. The company\u2019s shares are currently trading in the range of $29.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Diamond Resorts International recently announced that it has entered into a sale agreement estimated to be around $2.2 billion with a private equity firm. Diamond Resorts is a Las Vegas-based timeshare resort company that has a network of around 420 properties spread across 35 countries. The company stated that it has entered into an agreement [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Private Equity Firm Purchases Las Vegas Resort Diamond Resorts<\/title>\n<meta name=\"description\" content=\"Diamond Resorts International recently announced that it has entered into a sale agreement estimated to be around $2.2 billion with a private equity firm.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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