Hilton Grand Vacations Inc. has appointed Christine Duffy, president of Carnival Cruise Line, to its board of directors. Duffy brings more than 30 years of leadership experience across the travel and hospitality industry, with expertise in operations, commercial strategy, and customer engagement. The appointment aims to strengthen the company's ability to deliver long-term growth and enhanced experiences for its members and guests.

"We are pleased to welcome Christine to our board of directors," said Len Potter, chairman of Hilton Grand Vacations’ board of directors. "Christine’s extensive experience leading global hospitality businesses and driving commercial and operational excellence will be a valuable addition to our board. Her perspective will further strengthen our ability to deliver long-term growth and enhanced experiences for our members and guests."

Duffy oversees a global business serving millions of guests annually at Carnival Cruise Line, the flagship brand of Carnival Corporation. Prior to joining Carnival Cruise Line in 2015, she served as president and CEO of Cruise Lines International Association, representing the global cruise industry. Earlier in her career, she held leadership positions at Maritz Inc. and McGettigan Partners.

Duffy currently serves on the board of directors of Herschend Family Entertainment Corporation. Hilton Grand Vacations Inc. is recognized as a leading global timeshare company and the exclusive vacation ownership partner of Hilton. Headquartered in Orlando, Florida, the company develops, markets, and operates a system of brand-name, high-quality vacation ownership resorts in select vacation destinations.

Christine Duffy's Profile

Hilton Grand Vacations has a reputation for delivering exceptional service and unforgettable vacation experiences for guests and more than 720,000 Club Members. Membership provides best-in-class programs, exclusive services, and maximum flexibility for members worldwide.

Hilton Grand Vacations Inc. has completed a $300 million securitization of timeshare loans through Hilton Grand Vacations Trust 2026-2. The transaction achieved an overall weighted average coupon rate of 5.16% and an overall advance rate of 98%, reflecting strong investor demand with peak oversubscription reaching nearly 9x.

Note Issuance Details

The Trust issued four classes of Notes to qualified institutional buyers. The breakdown of the issuance is as follows:

Dan Mathewes, president and chief financial officer of Hilton Grand Vacations, stated that the execution was exceptionally strong, allowing the company to achieve the tightest AAA spread in timeshare since January 2022. This outcome underscores the strength and reliability of the company's asset-backed securities platform.

Use of Proceeds and Participation

Proceeds from the issuance, net of fees, will be utilized to pay down debt and for other general corporate purposes. BofA Securities acted as the Structuring Lead Manager and Joint Bookrunner, joined by Barclays, Deutsche Bank Securities, Truist Securities, and Wells Fargo Securities. A syndicate of co-managers included Academy Securities, BMO Capital Markets, CIBC Capital Markets, Citizens Capital Markets, Goldman Sachs & Co. LLC, HSBC, MUFG, Regions Securities LLC, and Santander US Capital Markets.

Regulatory and Ratings Context

The Notes were offered in a private placement within the U.S. pursuant to Rule 144A under the Securities Act of 1933 and outside the U.S. in accordance with Regulation S. Certain classes of the transaction were rated by Fitch Ratings and Moody's Investors Service, Inc. Alston and Bird LLP represented Hilton Grand Vacations as issuer counsel.