A sale would be one of several possibilities for the company that was spun off from Hilton Worldwide two years ago.
Hilton Grand has so far hired an unnamed bank to assist in the exploration of strategic alternatives, according to the reports.
The sale exploration reportedly would involve purchaser bids to be received next month.
The move comes just days after news that investment company Apollo Global Management was interested in buying the company with a view to merging it with Diamond Resorts Holdings, which it already owns.
Hilton Grand shares were up 1.25% at $34 in premarket trading Friday.
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