Diamond Resorts International Expands East Coast Vacation Destinations Through Gold Key Resorts Acquisition

LAS VEGAS--(BUSINESS WIRE)--Diamond Resorts International, Inc. (NYSE:DRII), announced today that it has executed an agreement to purchase the vacation ownership business of Gold Key Resorts, which manages five vacation ownership resorts in Virginia Beach, VA and one in the Outer Banks, NC, for $167.5 million.

This is an exciting acquisition that provides us with a platform to expand into a new, complementary geography and owner base, said David Palmer, President and Chief Executive Officer, Diamond Resorts International. We are purchasing a business with a hist