Diamond Resort International® has announced that it has closed, through its subsidiary DPM Acquisition, LLC, the acquisition of a substantial portion of the assets of Pacific Monarch Resorts, Inc. This transaction adds nine resorts located in California, Nevada, Utah and San Jose del Cabo, Mexico, as well as approximately 75,000 owners to Diamond Resorts International®.
The acquisition was originally announced in October 2011. "We are delighted to finalize this acquisition and bring these resorts into our global network of properties," said Stephen J. Cloobeck, Chairman and Chief Executive Officer of Diamond Resorts International®. "Our growth strategy is clear: to acquire properties in leading destination locations at good valuations, to make the necessary investments in plant and equipment to bring them up to our standards and to transform the service levels by introducing our industry-leading service program, The Meaning of Yes®. We look forward to integrating the current Monarch Grand Vacation owners into the broader Diamond Resorts International® network, offering opportunities to vacation at our more than 200 resorts in 28 countries around the world. In addition, we look forward to an expanded relationship with Guggenheim Partners and Resort Finance America, LLC ("RFA") and RFA’s management company, Lantern Asset Management, LLC." Financing for the acquisition of the Pacific Monarch Resorts assets was provided by Guggenheim Partners.
Pacific Monarch has resorts in the following locations:
- Cabo Azul Resort in San Jose del Cabo, Mexico
- Cancun Resort in Las Vegas, NV
- Cedar Breaks Lodge & Spa in Brian Head, UT
- Desert Isle of Palm Springs in Palm Springs, CA
- Palm Canyon Resort & Spa in Palm Springs, CA
- Riviera Beach & Spa Resort in Capistrano Beach, CA
- Riviera Oaks Resort & Racquet Club in Ramona, CA
- Riviera Shores Resort in Capistrano Beach, CA
- Tahoe Seasons Resort in South Lake Tahoe, CA