2023-09-05 16:57:45 ET
Hilton Grand Vacations ( NYSE: HGV ) provided on Tuesday the estimated impact of the Maui Wildfires on its business in Hawaii.
The company said it owns 13 properties the Hawaiian Islands, including two properties and sales centers in Maui: K?’anapali Beach Club in K?’anapali, and the recently opened Maui Bay Villas in K?hei.
According to HGV, neither Maui property suffered physical damage, and the company maintains business interruption insurance at both properties.
"We’re anticipating a significant decline in contract sales activity at our Maui properties for the remainder of the year," said finance chief Dan Mathewes in a statement .
HGV added that in the third quarter it expects an impact of $20 million to $25 million to contract sales and $12 million to $15 million to Adjusted EBITDA.
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Hilton Grand Vacations details estimated financial impact from Maui Wildfires