August 29, 2019 / 4:25 PM / 4 months ago

EXCLUSIVE-Hilton Grand Vacations to explore sale following takeover interest -sources

Aug 29 (Reuters) - Hilton Grand Vacations Inc has decided to explore strategic alternatives, including a potential sale, following acquisition interest in the U.S. timeshare operator from private equity firms, people familiar with the matter said on Thursday.

A potential deal would come as the timeshare industry seeks to improve its occupancy rates and shed its reputation of locking customers into complex contracts they do not understand, in the hope of becoming a more popular alternative for U.S. vacationers.

Hilton Grand Vacations has hired an investment bank to advise it on a sale process, the sources said, cautioning that no deal is certain. It has asked for preliminary bids in September, one of the sources added.

The sources asked not to be identified because the matter is confidential.

Hilton Grand Vacations, which was spun out of hotel operator Hilton Worldwide Holdings Inc in 2017, did not immediately respond to a request for comment.

The New York Post reported last week that buyout firm Apollo Global Management LLC, which owns time-share operator Diamond Resorts Holdings LLC, had made an offer for Hilton Grand Vacations. (Reporting by Greg Roumeliotis in New York; Editing by Dan Grebler)

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