Barbados has struck a Caribbean first for the tourism sector through one of its oldest resorts, The Crane, aligning with Hilton Grand Vacations (HGV) in a deal that is set to net the island multi-million dollar returns.
Hilton Grand Vacations a Florida-based publicly traded company sells to high-flyers the world-over vacation accommodation ownership on a time-share basis in prime holiday destinations.
“We have made a sale transaction where they purchase timeshare inventory from the Crane. The transaction value is US$54 million. So, it is a significant transaction and that is just phase one,” Crane Resort owner, Paul Doyle said while announcing the deal this week.
“They are calling it ‘Hilton Grand Vacations at the Crane.’ So, what this does it really allow us to be full year-round. It is quite an opportunity for us. It takes the seasonality out of the business,” he said.
In this arrangement that goes for three years in the first phase, the St. Philip-located Crane Resort grants to HGV 120 of the Barbados landmark hotel’s rooms for timeshare operations.
The Crane’s management would still oversee that area of accommodation.
The Crane, which has a total of 457 rooms, is itself already in the timeshare business, and with this deal plans to open more restaurants, offer more variety which is expected push its growth.
“With that these folks are ready, willing and able to come and do a lot more with us as time goes on. This is an important opportunity for us, but also for the country. Timeshare can bring not just stability to our business but to the [tourism] sector and it is something the country can count on for the economy because it is consistent year after year and week after week. I see it opening up more air routes from the United States,” said Doyle.
HGV President and CEO, Mark Wang said in a message posted to the New York Stock Exchange, “our owners tell us how much they love beach vacations, so we couldn’t be more excited to offer our first Caribbean destination within a world-class resort and a spectacular location”.
“This new project is one more way we’re continuing to expand our brand presence and maximize customer experience.”
The Crane Resort was founded as Barbados’ first resort in 1887 and is the oldest continuously operating resort in the Caribbean. This resort is located on 40 acres of beachfront property on one of the top beaches in the world.
Resort amenities include a 1.5-acre cascading cliff-top pool complex, day spa, retail, fitness centre, kids’ club, gardens, rooftop terraces and award-winning dining with seven restaurant and beverage options. In addition, many suites have large, private swimming pools.