Diamond Resorts International

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Diamond Resorts International, Inc.
Private
(Acquisition by Apollo Global Management pending)[1]
Industry Vacation Ownership, Timeshare
Founded 1992; 25 years ago (1992)
Headquarters Las Vegas, Nevada, U.S.
Area served
Worldwide
Key people
Stephen J. Cloobeck, (Founder)
Michael Flaskey, (CEO,[1][2]
Products Vacation Ownership, Timeshare
Revenue Increase$230.7 million (EBITDA, 2013)[3]
Website diamondresorts.com

Diamond Resorts International (DRI) is a timeshare company[4][5][6] headquartered in Las Vegas, Nevada.[7] They own a network of 379 vacation destinations.[8]

On June 29, 2016, Apollo Global Management made a successful offer to purchase Diamond Resorts International.[9]

Acquisitions[edit]

In August 2015 DRI bought out Gold Key Resorts[10] for $167.5 million. This acquisition added five vacation ownership resorts in Virginia Beach, Virginia and one in the Outer Banks, North Carolina.[11]

Undercover Boss[edit]

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.[12][13][14]

Awards, honors and ratings[edit]

  • 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.[15]

Properties[edit]

United States[edit]

State Hotels
Alabama Alabama
Arizona Arizona
California California
Colorado Colorado
Florida Florida
Hawaii Hawaii
Idaho Idaho
Indiana Indiana
Louisiana Louisiana
Michigan Michigan
Missouri Missouri
Nevada Nevada
  • Desert Paradise Resort
  • Polo Towers Suites
  • Polo Towers Villas
  • Cancun Las Vegas Resort
New Mexico New Mexico
North Carolina North Carolina
Ohio Ohio
Pennsylvania Pennsylvania
Tennessee Tennessee
Texas Texas
Utah Utah
Virginia Virginia
Washington (state) Washington
Wisconsin Wisconsin
Wyoming Wyoming

International[edit]

Location Hotels
Canada Canada
Mexico Mexico
Netherlands Netherlands
Austria Austria
Brazil Brazil
France France
Greece Greece
Republic of Ireland Ireland
  • East Clare Golf Village
  • Dangan Lodge Cottages
  • Fisherman's Lodge
Italy Italy
Malta Malta
Portugal Portugal
Spain Spain
Balearic Islands Balearic Islands
  • White Sands Beach Club
  • White Sands Country Club
  • Garden Lago
Canary Islands Canary Islands
  • Cala Blanca
  • Jardines del Sol
  • Club del Carmen
Tenerife Tenerife Island
  • Royal Sunset Beach Club
  • Royal Tenerife Country Club
  • Santa Barbara Golf and Ocean Club
  • Sunset Bay Club
  • Sunset Harbour Club
  • Sunset View Club
United Kingdom United Kingdom

Criticism and controversy[edit]

Diamond Resorts International is notable for high-pressure sales tactics used to close sales and generate fees for consumers.[4][5] 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.[27][28] 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.[5][29][30] 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."[31]

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."[31]

Of the 54 customer reviews posted on the BBB.org website, 1 is positive, 1 is neutral and 52 are negative.[32]

Similar programs[edit]

See also[edit]

References[edit]

  1. ^ a b Diamond Resorts Holdings, LLC
  2. ^ DRII Board of Directors
  3. ^ Diamond Resorts International, Inc. (DRII)
  4. ^ a b Hoium, Travis. "Why Diamond Resorts International Inc.'s Stock Plunged 11% Today". The Motley Fool. Retrieved 28 February 2016. 
  5. ^ a b c MORGENSON, GRETCHEN. "The Timeshare Hard Sell Comes Roaring Back". The New York Times. Retrieved 28 February 2016. 
  6. ^ Stutz, Howard. "Timeshare developer Diamond Resorts acquires rival for $85 million". LAS VEGAS REVIEW-JOURNAL. Retrieved 29 March 2016. 
  7. ^ Diamond Resorts International, Inc.
  8. ^ "UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-K". NASDAQ. Retrieved 29 March 2016. 
  9. ^ Apollo Global to Buy Diamond Resorts for $2.2 Billion
  10. ^ Gold Key Resorts
  11. ^ Diamond Resorts International Expands East Coast Vacation Destinations Through Gold Key Resorts Acquisition
  12. ^ Undercover Boss Features Cloobeck of Diamond Resorts International and Brand USA
  13. ^ Undercover Boss. Diamond Resorts International: Stephen J. Cloobeck
  14. ^ Undercover Boss Season 3 Sneak Peak: Premiere Shares the Softer Side of Diamond Resorts International's Stephen Cloobeck
  15. ^ 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.
  16. ^ https://www.diamondresorts.com/riviera-shores-resort
  17. ^ https://www.diamondresorts.com/Riviera-Beach-and-Spa-Resort
  18. ^ Daytona Beach Regency
  19. ^ Grande Villas Resort
  20. ^ Grand Beach
  21. ^ The Point at Poipu
  22. ^ Point at Poipu owners file complaint with AG TimeSharing Today issue № 109 Jan/Feb 2010
  23. ^ Great Wolf Lodge is Newest Diamond Resorts International Property in Williamsburg
  24. ^ Grand Palladium Imbassai Resort & Spa
  25. ^ Winners of 2011 Sword and Globe of Honour announced
  26. ^ https://www.azag.gov/sites/default/files/sites/all/docs/press-release/press-release-files/Assurance_of_Discontinuance_Diamond.pdf
  27. ^ O'Donnell, Jayne. "What smart buyers should know about time shares". USA Today. Retrieved 28 February 2016. 
  28. ^ "Timeshares and Vacation Plans". Federal Trade Commission. Retrieved 28 February 2016. 
  29. ^ "FORM 10-K". U.S. Securities and Exchange Commission. Retrieved 28 February 2016. 
  30. ^ Penman, Andrew; Greenwood, Michael. "Diamond Resorts sends in debt collectors as the fee strike spreads". The Daily Mirror. Retrieved 28 February 2016. 
  31. ^ a b MORGENSON, GRETCHEN. "The Timeshare Hard Sell Comes Roaring Back". The New York Times. Retrieved 5 April 2016. 
  32. ^ "BBB Business Review". Better Business Bureau. Retrieved 20 March 2017. 

External links[edit]