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HGV was formerly a wholly owned subsidiary of Hilton Worldwide until it was spun off into a publicly traded company in 2017. Even though HGV is an independent company post spin-off, Hilton Worldwide still retains full ownership of the Hilton Grand Vacation Club, Hilton Vacation Club, and Hilton Club brands that HGV manages and operates for them.
Diamond Resorts was an independent timeshare and vacation ownership company until it was purchased by HGV in 2021. Following the purchase, Diamond's resorts became part of HGV's resort portfolio, and Diamond itself became a brand and subsidiary of HGV.
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Hilton would also provide vacation ownership sales as well as marketing services. At the time, there were more than 12,000 owners in the timeshare tower, who were not to be affected by the sale. [17] The tower was subsequently sold to LV Tower 52 LLC. On March 1, 2012, the property was renamed as "Elara, a Hilton Grand Vacations Club."
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The contract was simple and straightforward: The company, CIC, promised to maintain and provide the specified accommodation type (a studio, one bedroom, or two bedroom unit) for use by the "license owner" for a period of 25 years (from 1974 to 1999, for example) in the specified season and number of weeks agreed upon, with only two extra ...