Orlando, Fla.-based timeshare resorts company Hilton Grand Vacations Inc. said Sept. 10 that it acquired interests in Barbados-based The Crane Resort, owned by real estate development company Millennium Investments Ltd., marking its first timeshare offering in the Caribbean market.
The Crane Resort, founded in 1887, is Barbados' first resort and the oldest operating resort in the Caribbean. It stands on 40 acres of beachfront property and features amenities such as a 1.5-acre cascading cliff-top pool complex, day spa, retail, fitness center, kids' club, gardens, rooftop terraces and seven restaurant and beverage options.
Hilton Grand Vacations at The Crane-branded timeshare weeks will be available to Hilton Grand Vacations owners and guests.
As part of the transaction, the company is purchasing one-, two- and three-bedroom suites in phases from Barbados-based Millennium Investments for a total investment of $54.6 million over three years.
The acquisition is in line with Hilton Grand Vacations' plan to expand its resort portfolio and offer more destinations to its club members, the company said.
Sales are expected to begin in the fourth quarter of 2018, with HGV Club Membership occupancy expected to start in January 2019.