Eden Leisure Group will terminate the lease of its St Julian’s Diamond Resorts building after the timeshare company that took control of the premises reported a decline in timeshare bookings
Eden Finance plc reported in a company announcement that it will re-acquire full ownership of the apartment building after having leased the building to Diamond Resorts (Europe) Ltd.
The 46 self-catering units were also managed and serviced by Eden Leisure Group.
Eden Leisure said it is currently “exploring and assessing various options on the maximisation of the asset’s potential use,” adding that it would keep the market informed of any developments.
Diamond Resorts (Europe) Ltd had informed members that the St Julian’s operation would be wound down after the summer of 2024, with timeshare members able to continue making reservations until the end of the year.
In June 2024, the Timeshare Consumers Association said the closure of the Diamond Suites in Malta was yet another casualty of declining demand, similar to other destinations Cyprus, Tenerife, and Paphos.
Diamon Resorts reported a decline in member bookings, alongside rising costs, which had made it “financially impractical to continue offering this destination to members.”
Diamond Suites was an independent timeshare company, and in 2021 was purchased by Hilton Grand Vacations, formerly a subsidiary of Hilton Worldwide. The company runs Hilton’s timeshare and vacation ownership brands, with over 200 properties and 200,000 members.
