Thursday, 7 January 2021

Wyndham Destinations buys Travel + Leisure for $100 million


Wyndham Destinations has confirmed today that it has acquired the Travel + Leisure brand from the Meredith Corporation for $100 million. 

This mega-deal includes all related assets from Meredith Corporation, combining the travel company’s portfolio of resort, membership, and lifestyle travel brands with the world’s most trusted travel lifestyle content curator and its travel clubs. This acquisition will accelerate Wyndham Destinations’ strategic plan to build on its leading position as the world’s largest vacation club and exchange company and expand into new leisure travel and licensing markets.

“We acquired Travel + Leisure, including access to its global audience of 35 million loyal followers across multiple platforms and nearly 60,000 club members, because it matches our passion and purpose to put the world on vacation. Over the past 18 months, we have laid the foundation to expand our footprint beyond our core vacation ownership business, and today we add one of the most trusted and influential brands in travel through the acquisition of Travel + Leisure,” said Michael D. Brown, president and chief executive officer of Wyndham Destinations.

In early 2021, Wyndham Destinations will change its name to Travel + Leisure Co. and will expand its portfolio through various branded products and offerings. The new company will inspire travellers with Travel + Leisure’s expert multi-platform content to grow its membership travel club businesses, launch new branded travel services, and expand brand licensing agreements under its Travel + Leisure Group.

Transaction Details

The $100 million acquisition will be funded with cash on hand of $35 million paid at closing, with trailing payments completed by June 2024. In addition, Wyndham Destinations has agreed to a five-year marketing commitment across Meredith’s portfolio of brands.
Travel + Leisure Co. will continue to maintain its current portfolio of brands and products, with Wyndham Destinations now serving as the umbrella brand for its vacation club resorts, which will continue to leverage the power of the Wyndham Rewards program, and with Panorama operating the exchange, membership travel, and technology businesses.
The acquisition is expected to be neutral to earnings for the new Travel + Leisure Co. in year one and accretive in year two. The acquisition includes Travel + Leisure’s travel clubs and their nearly 60,000 members.
Travel + Leisure Co. will license the brand to Meredith to continue operating and monetizing T+L’s media platforms in a long-term agreement.
Travel + Leisure Editor-in-Chief Jacqui Gifford said, “I’m delighted that Wyndham Destinations has such a deep understanding of and excitement for Travel + Leisure, and in partnership with Meredith profoundly shares our mission to inspire and empower the world’s most curious and passionate travellers. I’ve spent time getting to know Michael Brown. I’m thrilled that he appreciates the legacy and integrity of this brand, and I look forward to working with him."



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