DRI & Marriott Venture-comments??

copied from HN:

Marriott Vacation Club International and Diamond Resorts International Forge Alliance
Marriott International
LAS VEGAS, Marriott Vacation Club International (MVCI), the recognized worldwide leader in the vacation ownership industry and a division of Marriott International, Inc. , and vacation ownership pioneer, Diamond Resorts International (DRI) announced today the formation of a development and sales and marketing alliance for timeshare resorts in Las Vegas.

The initial focus of this relationship is to market and sell the remaining inventory within Polo Towers which will remain under the Diamond Resorts brand, in addition to a joint venture to develop DRI's previously announced, "Chateau" resort. This vacation ownership property will be a Marriott Vacation Club-branded resort offering 840 currently approved one-, two- and three-bedroom villas in four 33-story towers. The "Chateau" will be located adjacent to Polo Towers and nestled between the Aladdin and MGM Grand hotels. In concert with the growing trend of Las Vegas themed-resorts, the "Chateau" will exude the Art Nouveau grandeur of late nineteenth century Europe and will establish a new level of luxury not only within Las Vegas, but within the vacation ownership industry.

"We have long viewed Las Vegas as a dynamic destination and one that will be a complement to our extensive portfolio. Recognizing the interest expressed by many of our owners, Las Vegas is already established as a high demand choice for both purchasers and exchangers," said Stephen P. Weisz, president of Marriott Vacation Club International. "By combining the talents and resources of both companies, we will have a significant advantage in this competitive market."

"As one of the most successful independent developers for nearly 25 years, we see Las Vegas approaching a period of consolidation, combined with an ever increasing presence of branded developers. Although we have enjoyed phenomenal success, we see this alliance as the catalyst to power forward our dominant position in the Southern Nevada market for years to come," stated Stephen J. Cloobeck, RRP, chairman and CEO, DRI.

"We have worked diligently for many years to grow a company from a few employees to a family that now numbers over 800. We have witnessed firsthand and in fact have been an integral part of the transformation of Las Vegas from a sleepy desert vacation spot into a world class resort destination. This alliance provides for the perfect marriage of the Las Vegas entrepreneurial spirit of the past, with the distinct advantages associated with one of the worlds most recognizable and respected brands, for the future," stated Robert C. Wengel, RRP, President and COO, DRI.

"Additionally, we are pleased to have Bob Wengel join Marriott Vacation Club International to oversee our Southern Nevada operations. His involvement in DRI from its genesis is an invaluable asset," continued Weisz.

Under the terms of the alliance, MVCI will assume control of certain DRI assets including some fixed assets and the current marketing and sales platforms. Both resort companies will continue their membership with the global exchange company, Interval International.

The relationship will continue to actively pursue future development opportunities. Furthermore, the alliance will not affect other Diamond Resorts properties in Las Vegas, Hawaii and other locations where DRI operates.

Grand Chateua was originally a DRI resort. Mr. Cloobeck decided to peruse other ventures and sold the branding rights to MVCI. DRI continues to have an interest as a silent partnership interest called Hard Carbon but it's essentially an MVCI resort. It wasn't until later that Mr. Cloobeck decided to get back into timeshare and purchased Sunterra at one time there was speculation PoloTowers would become an MVCI resort even though MVCI always denied the rumor. I always felt the rumor was floated to push the final sales at The Villas at PoloTowers.

This is not a surprise to me.

Interesting...

dougp26364 said:

Grand Chateua was originally a DRI resort. Mr. Cloobeck decided to peruse other ventures and sold the branding rights to MVCI. DRI continues to have an interest as a silent partnership interest called Hard Carbon but it's essentially an MVCI resort. It wasn't until later that Mr. Cloobeck decided to get back into timeshare and purchased Sunterra at one time there was speculation PoloTowers would become an MVCI resort even though MVCI always denied the rumor. I always felt the rumor was floated to push the final sales at The Villas at PoloTowers.

Click to expand...

Thank you for your insight Doug, very interesting

Did Marriott attend a DRI presentation?

This seems old. Alladin has been Planet Hollywood for several years and Casino's have been going away from themes also for a few years.

Yes it is old but...

There are rumours flying around right now with DRI members that they are being told by salespeeps that DRI is buying Marriott....then another member from Marriott said that they were told last year that Marriott was buying DRI...all very strange...anyhow this is how this topic came up.