{"id":1004184634,"date":"2017-07-21T05:30:11","date_gmt":"2017-07-21T13:30:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004184634"},"modified":"2022-12-09T00:26:00","modified_gmt":"2022-12-09T08:26:00","slug":"jv-purchases-worlds-largest-timeshare-resort","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-purchases-worlds-largest-timeshare-resort\/","title":{"rendered":"Hilton, Blackstone Grab 1,201-Key Vegas Resort"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<p>Hilton Grand Vacations, in a partnership with affiliates of Blackstone Real Estate Partners VIII, acquired The Elara, a Hilton Grand Vacations Club that\u00a0is also one of the world&#8217;s largest timeshare resorts. HFV will assume a 25 percent stake in the joint venture for $40 million.\u00a0In addition to its stake, the company\u00a0will also continue to market, sell and manage The Elara under its existing fee-for-service agreements.\u00a0<\/p>\n<h2>Resort Amenities<\/h2>\n<p>Located at 80 East Harmon Ave. in Las Vegas, The Elara opened as the largest, single timeshare resort in the world in 2009. Offering 1,201 keys\u00a0and four penthouse floors equaling more than 82,000 square feet, the resort also features 23,000 square feet of retail space fronting East Harmon Avenue and 17,000 square feet of ballroom space. Guests will have access to the adjoining Miracle Mile Shops, a business center, fitness room, and a 15,000-square-foot grand lobby that overlooks the 40,000-square-foot tropical pool, which includes two hot tubs, a pool bar and 33 private cabanas.\u00a0<\/p>\n<p><em>\u201cToday\u2019s acquisition advances one of our key strategic priorities that is growth through <a href=\"https:\/\/www.commercialsearch.com\/news\/hilton-sees-triple\/\">opportunistic business ventures<\/a>, which allows us to continue to maximize shareholder value,\u201d<\/em> said Mark Wang, president &amp; CEO of Hilton Grand Vacations, in prepared remarks.<em> \u201cBy taking an ownership stake in Elara, which has more than 500 units of sellable inventory remaining, we are receiving a strong-performing consumer loan portfolio and unfinished penthouse floors.\u201d<\/em><\/p>\n<p><em>Images courtesy of The Elara\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The joint venture acquired The Elara, one of the largest timeshare properties in the world. The asset features four penthouse floors, retail and 17,000 square feet of ballroom space.<\/p>\n","protected":false},"author":746,"featured_media":1004184842,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21751,21783,1593,21742,15],"tags":[36878,33024],"class_list":["post-1004184634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hotel","category-investment","category-las-vegas","category-latest","category-west","tag-blackstone-real-estate-partners-viii","tag-hilton-grand-vacations"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hilton, Blackstone Grab 1,201-Key Vegas Resort - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jv-purchases-worlds-largest-timeshare-resort\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hilton, Blackstone Grab 1,201-Key Vegas Resort\" \/>\n<meta property=\"og:description\" content=\"The joint venture acquired The Elara, one of the largest timeshare properties in the world. The asset features four penthouse floors, retail and 17,000 square feet of ballroom space.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jv-purchases-worlds-largest-timeshare-resort\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-21T13:30:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T08:26:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/hilton-grand-vacations-800x620.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"IvyLee Rosario\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-purchases-worlds-largest-timeshare-resort\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jv-purchases-worlds-largest-timeshare-resort\/\",\"name\":\"Hilton, Blackstone Grab 1,201-Key Vegas Resort - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-purchases-worlds-largest-timeshare-resort\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-purchases-worlds-largest-timeshare-resort\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/hilton-grand-vacations-800x620.jpg\",\"datePublished\":\"2017-07-21T13:30:11+00:00\",\"dateModified\":\"2022-12-09T08:26:00+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-purchases-worlds-largest-timeshare-resort\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/jv-purchases-worlds-largest-timeshare-resort\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-purchases-worlds-largest-timeshare-resort\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/hilton-grand-vacations-800x620.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/hilton-grand-vacations-800x620.jpg\",\"width\":800,\"height\":620,\"caption\":\"The Elara in Las Vegas\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-purchases-worlds-largest-timeshare-resort\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Hilton, Blackstone Grab 1,201-Key Vegas Resort\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780\",\"name\":\"IvyLee Rosario\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67\",\"caption\":\"IvyLee Rosario\"},\"description\":\"IvyLee Rosario is a Senior Associate Editor for Commercial Property Executive and Multi-Housing News. She has a background in Journalism and joined the team in 2016. She produces the MHN Daily newsletter, manages byline content, oversees the Research Center for both brands and hosts the Multifamily's Top Marketers podcast. 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