In a strategic move to enhance its vacation ownership segment, Travel + Leisure Co. (NYSE:TNL) has announced the acquisition of the vacation ownership business of global hospitality giant Accor (AC:FP) for US$48.4 million. The deal, slated to close in the first quarter of 2024, is expected to be immediately accretive to Travel + Leisure Co. earnings.
The agreement includes the acquisition of Accor’s vacation ownership business, known as Accor Vacation Club, encompassing 24 resorts and nearly 30,000 members. Accor, as the largest international hotel chain in the Asia Pacific with over 1,600 operational hotels, will receive a percentage of vacation ownership sales revenue through an exclusive licensing agreement.
Upon completion of the acquisition, Travel + Leisure Co. gains exclusive rights to develop new vacation ownership clubs and products utilizing the Accor Vacation Club brand. This expansion is set to unfold across regions including Asia Pacific, the Middle East, Africa, and Turkey.
Barry Robinson, President and Managing Director of International Operations for Travel + Leisure Co. expressed enthusiasm about the collaboration, stating, “We are excited about building on the legacy of Accor Vacation Club, which has been a recognized and respected presence in the region for more than 20 years. Utilizing our experience and the scale of our global platform, we will be able to accelerate the growth of this vacation club business by delivering outstanding vacation experiences for current and future members.”
The acquisition establishes a new line of business for Travel + Leisure Co., integrating Accor into its portfolio alongside brands like Wyndham, Margaritaville, and Sports Illustrated. This addition elevates Travel + Leisure Co.’s membership to over 100,000 in the Asia Pacific region, marking a 40 per cent increase in the club resort count to 77.
Accor Vacation Club’s 24 resorts are strategically positioned across Australia, New Zealand, and Indonesia under Accor brands such as Peppers, MGallery, Grand Mercure, The Sebel, Novotel, Mantra, and Mercure.
Duncan O’Rourke, Chief Executive Officer Accor MEA APAC – Premium, Midscale and Economy Division, highlighted the strategic alignment of the deal with Accor’s business evolution. “By selling the business to a trusted and proven operator with significant scale, we will be able to grow the business and continue to drive outstanding hospitality experiences for Accor Vacation Club members.”
For more information, visit Travel + Leisure Co. Accor Vacation Club.
About Travel + Leisure Co. As the world’s leading membership and leisure travel company, Travel + Leisure Co. (NYSE:TNL) has transformed family vacations with dynamic points-based vacation ownership programs at Club Wyndham and the first vacation exchange network, RCI. Operating at 245+ timeshare resorts worldwide, the company delivers over six million vacations annually. With a focus on hospitality and responsible tourism, Travel + Leisure Co.’s 19,000+ associates put the world on vacation. Learn more at travelandleisureco.com.
About Accor Accor is a leading global hospitality group with over 5,100 properties and 10,000 food and beverage venues in 110 countries. Offering diverse and fully integrated hospitality ecosystems, Accor covers luxury, premium, midscale, and economy brands. With a comprehensive loyalty program, ALL – Accor Live Limitless, and initiatives focused on responsible tourism, Accor boasts an unrivaled portfolio of distinctive brands. For more information, visit group.accor.com.
Forward-Looking Statements: This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. These statements involve risks and uncertainties that could cause actual results to differ materially. For more information on risk factors, refer to documents filed with the SEC. The company undertakes no obligation to update forward-looking statements.
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