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Apollo Global to take Diamond Resorts private in a $2.2 billion deal

Apollo Global Management LLC agreed to buy Diamond Resorts International Inc. for about $2.2 billion, the timeshare resort company. Diamond, based in Las Vegas, announced in February that it was working with investment bank Centerview Partners on strategic alternatives. The company has a network of more than 420 vacation destinations in 35 countries, according to its website. It has been a busy stretch for hospitality mergers and acquisitions. Earlier this year, Marriott International Inc. agreed to buy hotel chain Starwood Hotels & Resorts Worldwide Inc. for $13.6 billion. China’s Anbang Insurance Group Co. tried to break up the deal by making its own offer, costing Marriott $1 billion extra, but Anbang ultimately walked away. In April, a unit of China’s HNA Group announced a deal to buy Carlson Hotels Inc., which owns Radisson and Country Inns & Suites Chains. Apollo has a history of big bets on hospitality and leisure companies. The private-equity firm sold Great Wolf Resorts Inc. to Centerbridge Partners LP last year and holds large stakes in Norwegian Cruise Line Holdings Ltd. and Caesars Entertainment Corp., after participating in the 2008 leveraged buyouts of the two companies and later taking them public. Caesars, like Diamond Resorts, is based in Las Vegas and a major employer there.


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