Timeshare operator Hilton Grand Vacations Inc. will explore strategic options, including a possible sale, Reuters reported Aug. 29, citing anonymous sources.
The company is reportedly planning to weigh strategic alternatives after fielding takeover interest from private equity firms.
Hilton Grand Vacations, which has hired an investment bank to help it with the sale process, is soliciting preliminary offers in September, according to the report. However, a deal is not guaranteed.
Hilton Grand Vacations did not immediately respond to S&P Global Market Intelligence's request for comment.
Hilton Worldwide Holdings Inc. spun off Hilton Grand Vacations in 2017.
Hilton Grand Vacations has a license agreement with Hilton to market, sell and operate resorts under the Hilton Grand Vacations brand. Under another agreement, Hilton Grand Vacations can use certain Hilton brands and intellectual property for its business. These agreements give Hilton a right to veto any sale of the company, Reuters reported.
The New York Post reported Aug. 19 that private equity firm Apollo Global Management LLC is looking to buy Hilton Grand Vacations.
Shares of Hilton Grand Vacations closed up 4.03% to $33.58 on Aug. 29.
