Diamond Resorts
| Company type | Public |
|---|---|
| NYSE: DRII | |
| Industry | Timeshare |
| Founded | 2007 |
| Headquarters | Las Vegas, Nevada, U.S. |
Area served | Worldwide |
Key people | Stephen J. Cloobeck, (Founder and Chairman) David F. Palmer, (CEO, President and Director)[1][2] |
| Products | Vacation Ownership, Timeshare |
| Revenue |  $230.7 million (EBITDA, 2013)[3] |
| Parent | Diamond Resorts International, Inc.[1] |
| Website | investors.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]
Acquisitions
In August 2015 DRII bought out Gold Key Resorts[9] for $167.5 million. This acquisition added five vacation ownership resorts in Virginia Beach, Virginia and one in the Outer Banks, North Carolina.[10]
Undercover Boss
The Founder and Chairman, 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.[11][12][13]
Awards, honors and ratings
- 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.[14]
Properties
United States
| State | Hotels |
|---|---|
 Arizona |
|
 California |
|
 Colorado |
|
 Florida |
|
 Hawaii |
|
 Indiana |
|
 Michigan |
|
 Missouri |
|
 Nevada |
|
 New Mexico |
|
 North Carolina |
|
 Ohio |
|
 Pennsylvania |
|
 Tennessee |
|
 Texas |
|
 Utah |
|
 Virginia |
|
 Washington |
|
 Wisconsin |
|
International
Criticism and controversy
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.[23][24] 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][25][26] 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."[27]
Of the 29 customer reviews posted on the BBB.org website, 1 is positive, 1 is neutral and 27 are negative.[28]
Similar programs
- Bluegreen Corporation
- Disney Vacation Club
- Hilton Grand Vacations Company
- Marriott Vacation Club International
- Westgate Resorts
- WorldMark by Wyndham
- Wyndham Vacation Resorts Asia-Pacific
See also
References
- ^ a b Diamond Resorts Holdings, LLC
- ^ DRII Board of Directors
- ^ Diamond Resorts International, Inc. (DRII)
- ^ a b 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.
- ^ 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 5 April 2016.