<SEC-DOCUMENT>0001104659-25-079955.txt : 20250818
<SEC-HEADER>0001104659-25-079955.hdr.sgml : 20250818
<ACCEPTANCE-DATETIME>20250818213021
ACCESSION NUMBER:		0001104659-25-079955
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250818
DATE AS OF CHANGE:		20250818

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hilton Grand Vacations Inc.
		CENTRAL INDEX KEY:			0001674168
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS, ROOMING HOUSE, CAMPS & OTHER LODGING PLACES [7000]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				812545345
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-89752
		FILM NUMBER:		251229493

	BUSINESS ADDRESS:	
		STREET 1:		6355 METROWEST BOULEVARD, SUITE 180
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32835
		BUSINESS PHONE:		407-722-3100

	MAIL ADDRESS:	
		STREET 1:		6355 METROWEST BOULEVARD, SUITE 180
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32835

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Apollo Principal Holdings A GP, Ltd.
		CENTRAL INDEX KEY:			0001566491
		ORGANIZATION NAME:           	
		EIN:				980542296
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		190 ELGIN AVENUE
		CITY:			GEORGE TOWN
		STATE:			E9
		ZIP:			KY1-9008
		BUSINESS PHONE:		212-515-3200

	MAIL ADDRESS:	
		STREET 1:		190 ELGIN AVENUE
		CITY:			GEORGE TOWN
		STATE:			E9
		ZIP:			KY1-9008

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Apollo Principal Holdings A GP Ltd
		DATE OF NAME CHANGE:	20241113

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Apollo Principal Holdings III GP Ltd
		DATE OF NAME CHANGE:	20130108
</SEC-HEADER>
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<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
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      <amendmentNo>2</amendmentNo>
      <securitiesClassTitle>Common stock, par value $0.01 per share</securitiesClassTitle>
      <dateOfEvent>08/14/2025</dateOfEvent>
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        <issuerName>Hilton Grand Vacations Inc.</issuerName>
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          <com:street1>6355 Metrowest Boulevard</com:street1>
          <com:street2>Suite 180</com:street2>
          <com:city>Orlando</com:city>
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          <personName>Erin E. Martin, Esq.</personName>
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            <com:street1>1111 Pennsylvania Avenue NW</com:street1>
            <com:city>Washington</com:city>
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        <reportingPersonCIK>0001878274</reportingPersonCIK>
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        <reportingPersonCIK>0001877482</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>AP VIII Dakota Holdings, L.P.</reportingPersonName>
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        <reportingPersonCIK>0001600221</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Apollo Advisors VIII, L.P.</reportingPersonName>
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        <soleVotingPower>0.00</soleVotingPower>
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      <reportingPersonInfo>
        <reportingPersonCIK>0001600223</reportingPersonCIK>
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        <percentOfClass>20.7</percentOfClass>
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    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common stock, par value $0.01 per share</securityTitle>
        <issuerName>Hilton Grand Vacations Inc.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>6355 Metrowest Boulevard</com:street1>
          <com:street2>Suite 180</com:street2>
          <com:city>Orlando</com:city>
          <com:stateOrCountry>FL</com:stateOrCountry>
          <com:zipCode>32835</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>The information in this Amendment No. 2 to Schedule 13D (this "Second Amendment" or this "13D/A") amends and supplements the Schedule 13D (the "Original Schedule 13D," and, as amended, the "Schedule 13D") filed with the U.S. Securities and Exchange Commission (the "SEC") by the Reporting Persons therein described on August 11, 2021, relating to the common stock, par value $0.01 per share (the "Common Stock"), of Hilton Grand Vacations Inc., a Delaware corporation ("HGV," the "Issuer" or the "Company"), as amended by that Amendment No. 1 to Schedule 13D (the "First Amendment") filed with the SEC on November 27, 2024.

Except as set forth herein, the Schedule 13D remains unmodified. Capitalized terms used herein without definition have the meaning assigned thereto in the Original Schedule 13D.</commentText>
      </item1>
      <item2>
        <filingPersonName>Item 2 of the Schedule 13D is hereby amended and restated in its entirety as follows:

This Schedule 13D is filed jointly by: (i) AP Dakota Co-Invest, L.P. ("Dakota Co-Invest"); (ii) AP VIII Dakota Holdings Borrower, L.P. ("Dakota Holdings Borrower"); (iii) AP Dakota Co-Invest GP, LLC ("Dakota Co-Invest GP"); (iv) AP VIII Dakota Holdings Borrower GP, LLC ("Borrower GP LLC"); (v) AP VIII Dakota Holdings, L.P. ("Dakota Holdings LP"); (vi) Apollo Advisors VIII, L.P. ("Advisors VIII"); (vii) Apollo Capital Management VIII, LLC ("Capital Management VIII");(viii) APH Holdings, L.P. ("APH Holdings"); and (ix) Apollo Principal Holdings A GP, Ltd. ("Principal Holdings A GP"). The foregoing are referred to herein collectively as the "Reporting Persons."

Dakota Co-Invest and Dakota Holdings Borrower each hold securities of the Issuer and are principally engaged in the business of investment in securities. Advisors VIII is the sole member of Dakota Co-Invest GP, which serves as the general partner of Dakota Co-Invest. Borrower GP LLC serves as the general partner of Dakota Holdings Borrower and Dakota Holdings LP serves as the sole member of Borrower GP LLC. Advisors VIII serves as the general partner of Dakota Holdings LP. Capital Management VIII serves as the general partner of Advisors VIII. APH Holdings serves as the sole member of Capital Management VIII, and Principal Holdings A GP serves as the general partner of APH Holdings.</filingPersonName>
        <principalBusinessAddress>The address of the principal office of Dakota Co-Invest, Dakota Co-Invest GP, Advisors VIII, Capital Management VIII, APH Holdings, is 100 West Putnam Avenue, Greenwich, Connecticut 06830. The address of the principal office of Dakota Holdings Borrower, Borrower GP LLC, and Dakota Holdings LP is c/o Apollo Management Holdings, L.P., 9 West 57th Street, 41st Floor, New York, NY 10019. The address of the principal business office of Principal Holdings A GP is c/o Walkers Corporate Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9008.</principalBusinessAddress>
        <principalJob>Attached as Appendix A to Item 2 is information concerning the executive officers, managers and directors of Principal Holdings A GP as to which such information is required to be disclosed in response to Item 2 and General Instruction C to Schedule 13D.</principalJob>
        <hasBeenConvicted>None of the Reporting Persons nor any of the persons or entities referred to in Appendix A to Item 2 have, during the last five years, been convicted in a criminal proceeding (excluding traffic violations and similar misdemeanors) or been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or state securities laws or finding any violation with respect to such laws.</hasBeenConvicted>
        <citizenship>Citizenship:
Dakota Co-Invest                    Delaware
Dakota Holdings Borrower      Delaware
Dakota Co-Invest GP              Delaware
Borrower GP LLC                    Delaware
Dakota Holdings LP                Delaware
Advisors VIII                           Delaware
Capital Management VIII        Delaware
APH Holdings                        Cayman Islands
Principal Holdings A GP       Cayman Islands</citizenship>
      </item2>
      <item5>
        <percentageOfClassSecurities>Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows:

(a) &amp; (b) Information in Rows 7 to 13 of the respective cover pages of the individual Reporting Persons are incorporated into this Item 5 by reference. The aggregate beneficial ownership of the Common Stock held by the Reporting Persons is as follows:

Sole Voting Power                 0

Shared Voting Power            18,245,825

Sole Dispositive Power          0

Shared Dispositive Power     18,245,825

The Reporting Persons' aggregate percentage beneficial ownership of the total amount of Common Stock outstanding is 20.7%, based on a total of 88,116,127 shares of Common Stock outstanding as of August 11, 2025, as reported in the Issuer's prospectus supplement filed on August 14, 2025.

Dakota Co-Invest GP, Borrower GP LLC, Dakota Holdings LP, Advisors VIII, Capital Management VIII, APH Holdings, and Principal Holdings A GP, and Messrs. Marc Rowan, Scott Kleinman, and James Zelter, the managers, as well as executive officers and directors, of Principal Holdings A GP, each disclaims beneficial ownership of all Common Stock owned of record by Dakota Co-Invest and Dakota Holdings Borrower, except to the extent of any pecuniary interest therein, and the filing of this Schedule 13D shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities for purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended, or for any other purpose.</percentageOfClassSecurities>
        <transactionDesc>The Reporting Persons effected the following transaction of the Common Stock during the past sixty days: on August 14, 2025, the Reporting Persons set forth below sold an aggregate of 8,050,000 shares of Common Stock for $42.85 per share pursuant to an underwritten public offering:

Dakota Co-Invest                    2,051,718

Dakota Holdings Borrower      5,998,282</transactionDesc>
        <listOfShareholders>Not applicable.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
      <item7>
        <filedExhibits>Underwriting Agreement, dated August 12, 2025, by and among Hilton Grand Vacations Inc., certain stockholders named therein and Wells Fargo Securities, LLC as Representative of the Underwriters named therein (incorporated by reference to Exhibit 1.1 to the Issuer's Current Report on Form 8-K filed on August 14, 2025).</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Apollo Principal Holdings A GP, Ltd</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ James Elworth</signature>
          <title>James Elworth/Vice President</title>
          <date>08/18/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>AP Dakota Co-Invest, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>AP Dakota Co-Invest GP, LLC</signature>
          <title>General Partner</title>
          <date>08/18/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ James Elworth</signature>
          <title>James Elworth/Vice President</title>
          <date>08/18/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>AP VIII Dakota Holdings Borrower, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>AP VIII Dakota Holdings Borrower GP, LLC</signature>
          <title>General Partner</title>
          <date>08/18/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ James Elworth</signature>
          <title>James Elworth/Vice President</title>
          <date>08/18/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>AP Dakota Co-Invest GP, LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ James Elworth</signature>
          <title>James Elworth/Vice President</title>
          <date>08/18/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>AP VIII Dakota Holdings Borrower GP, LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ James Elworth</signature>
          <title>James Elworth/Vice President</title>
          <date>08/18/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>AP VIII Dakota Holdings, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>Apollo Advisors VIII, L.P.</signature>
          <title>General Partner</title>
          <date>08/18/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>Apollo Capital Management VIII, LLC</signature>
          <title>General Partner</title>
          <date>08/18/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ James Elworth</signature>
          <title>James Elworth/Vice President</title>
          <date>08/18/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Apollo Advisors VIII, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>Apollo Capital Management VIII, LLC</signature>
          <title>General Partner</title>
          <date>08/18/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ James Elworth</signature>
          <title>James Elworth/Vice President</title>
          <date>08/18/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Apollo Capital Management VIII, LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ James Elworth</signature>
          <title>James Elworth/Vice President</title>
          <date>08/18/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>APH Holdings, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>Apollo Principal Holdings A GP, Ltd.</signature>
          <title>General Partner</title>
          <date>08/18/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ James Elworth</signature>
          <title>James Elworth/Vice President</title>
          <date>08/18/2025</date>
        </signatureDetails>
      </signaturePerson>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2523674d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">APPENDIX A&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">To Item 2 of Schedule 13D</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The following sets forth information with
respect to certain of the executive officers, managers and directors of Principal Holdings A GP. Capitalized terms used herein without
definition have the meanings assigned thereto in the Schedule 13D to which this Appendix A relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Managers, Directors and Principal Executive Officers of Principal
III GP</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The managers, directors and principal executive
officers of Principal Holdings A GP are&nbsp;Marc Rowan, Scott Kleinman, and James Zelter. The principal occupation of each of Messrs.
Rowan, Kleinman, and Zelter is to act as executive officer, manager and director of Principal Holdings A GP and other related investment
managers and advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">None of Messrs. Rowan, Kleinman, and Zelter
effected any transactions in the Common Stock during the past 60 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The business address of each of Messrs.&nbsp;Rowan, Kleinman, and Zelter&nbsp;is
c/o Apollo Management, L.P., 9 West 57th Street, 41<SUP>st</SUP>&nbsp;Floor, New York, New York 10019. Messrs.&nbsp;Rowan, Kleinman, and
Zelter&nbsp;are each a citizen of the United States. Each of Messrs.&nbsp;Rowan, Kleinman, and Zelter&nbsp;disclaims beneficial ownership
of the Common Stock reported as beneficially owned by the Reporting Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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