Diamond Resorts acquires two rival firms

Las Vegas-based vacation ownership firm Diamond Resorts acquired two rival firms following the company’s initial public stock offering, which closed a week ago.

Diamond Resorts said in a statement late Wednesday it bought seven properties in Florida operated by Island One and acquired seven properties in Las Vegas, California and Mexico owned by Pacific Monarch Resorts.

Last year, Diamond Resorts acquired most of Pacific Monarch management agreements.

The company did not disclose financial details for the transactions.

“These types of acquisitions represent an excellent strategic growth platform for our business,” Diamond Resorts Chief Executive Officer David Palmer said in a statement. “Coinciding with our initial public offering, these transactions will benefit our business by adding significant cash flow to our hospitality management segment.”

Diamond Resorts has a network of more than 300 vacation destinations in 33 countries.

Shares of Diamond Resorts closed at $15.40 on the New York Stock Exchange, up 7 cents or 0.46 percent.

Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Follow @howardstutz on Twitter.