Diamond Resorts International
(Acquisition by Apollo Global Management pending)
|Industry||Vacation Ownership, Timeshare|
|Headquarters||Las Vegas, Nevada, U.S.|
|Stephen J. Cloobeck, (Founder)
Michael Flaskey, (CEO,
|Products||Vacation Ownership, Timeshare|
|Revenue||$230.7 million (EBITDA, 2013)|
In August 2015 DRI bought out Gold Key Resorts for $167.5 million. This acquisition added five vacation ownership resorts in Virginia Beach, Virginia and one in the Outer Banks, North Carolina.
The Founder, Stephen J. Cloobeck, was featured in the season premiere of Undercover Boss (U.S. TV series) Season 4 on January 15, 2012. He was the first Chairman and CEO to go undercover a second time on November 30, 2012.
Awards, honors and ratings
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- Thurnham Hall, a UK resort - Diamond Resorts International® receives the British Safety Council 2011 Sword of Honour, the most prestigious international health and safety accolade attributed to a company, for Thurnham Hall and its achievement in delivering the highest standard of health and safety management to its owners, members, guests and team members.
Criticism and controversy
|This article is missing information about government action against the company in the state of Arizona. (March 2017)|
Diamond Resorts International is notable for high-pressure sales tactics used to close sales and generate fees for consumers. Club members are charged yearly maintenance fees (including management fees), which are set by Diamond Resorts International and which the FTC warns are likely to rise every year. Diamond Resorts International's official 2014 SEC filing states that club members do not have the right to terminate membership, except in certain areas where consumers are protected by state law. Jeff Weir, a Diamond timeshare owner and journalist covering the timeshare industry, told the New York Times: "In my experience, Diamond is much more ambitious, aggressive and downright nasty in their sales presentations compared to Marriott and Westin. Diamond just has an amazing reputation of being tough on people."
David F. Palmer, Diamond’s chief executive, sees its sales methods in a very different light. In an interview, Mr. Palmer described how Diamond tries to bring fun to its customer interactions, both before an initial sale and once a member buys in. "The industry didn’t quite realize that you have to engage and create intimacy and pervasiveness with somebody that you don’t really know," he said. "Our lifetime subscription model creates a series of systems where you can track that engagement and make sure you are constantly providing a series of experiences that exceed their expectations over many, many years."
Of the 54 customer reviews posted on the BBB.org website, 1 is positive, 1 is neutral and 52 are negative.
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- Hoium, Travis. "Why Diamond Resorts International Inc.'s Stock Plunged 11% Today". The Motley Fool. Retrieved 28 February 2016.
- Diamond Resorts International, Inc.
- "UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-K". NASDAQ. Retrieved 29 March 2016.
- Apollo Global to Buy Diamond Resorts for $2.2 Billion
- Gold Key Resorts
- Diamond Resorts International Expands East Coast Vacation Destinations Through Gold Key Resorts Acquisition
- Undercover Boss Features Cloobeck of Diamond Resorts International and Brand USA
- Undercover Boss. Diamond Resorts International: Stephen J. Cloobeck
- Undercover Boss Season 3 Sneak Peak: Premiere Shares the Softer Side of Diamond Resorts International's Stephen Cloobeck
- Diamond Resorts International® receives the British Safety Council 2011 Sword of Honour, the most prestigious international health and safety accolade attributed to a company, for Thurnham Hall and its achievement in delivering the highest standard of health and safety management to its owners, members, guests and team members.
- Daytona Beach Regency
- Grande Villas Resort
- Grand Beach
- The Point at Poipu
- Point at Poipu owners file complaint with AG TimeSharing Today issue № 109 Jan/Feb 2010
- Great Wolf Lodge is Newest Diamond Resorts International Property in Williamsburg
- Grand Palladium Imbassai Resort & Spa
- Winners of 2011 Sword and Globe of Honour announced
- O'Donnell, Jayne. "What smart buyers should know about time shares". USA Today. Retrieved 28 February 2016.
- "Timeshares and Vacation Plans". Federal Trade Commission. Retrieved 28 February 2016.
- "FORM 10-K". U.S. Securities and Exchange Commission. Retrieved 28 February 2016.
- Penman, Andrew; Greenwood, Michael. "Diamond Resorts sends in debt collectors as the fee strike spreads". The Daily Mirror. Retrieved 28 February 2016.
- MORGENSON, GRETCHEN. "The Timeshare Hard Sell Comes Roaring Back". The New York Times. Retrieved 5 April 2016.
- "BBB Business Review". Better Business Bureau. Retrieved 20 March 2017.