Travel + Leisure
Travel + Leisure Co. has completed its acquisitions of Yes& Vacations and Spinnaker Resorts, significantly expanding the company’s vacation ownership portfolio with new resort destinations and more than 100,000 additional owners.
The two transactions represent a combined upfront purchase price of approximately $343 million and add 23 resorts to Travel + Leisure Co.’s network, including properties in Maui, Hawaii; Hilton Head Island, South Carolina; Las Vegas, Nevada; Ormond Beach, Florida; Branson, Missouri; and Williamsburg, Virginia.
Together, the acquisitions expand Travel + Leisure Co.’s vacation ownership owner base by more than 10 percent while strengthening its presence in several high-demand leisure destinations.
“Acquiring these companies strategically expands our presence in premier leisure destinations, adding quality inventory in markets where new development is challenging,” Michael D. Brown, president and CEO of Travel + Leisure Co., said when the transactions were announced. “Combined, these transactions significantly expand our resort and owner base, creating meaningful opportunities to generate incremental revenue across our vacation ownership ecosystem.”
Travel + Leisure Co. completed its acquisition of Yes& Vacations in July for approximately $193 million.
Yes& Vacations brings seven properties in Maui as well as a flagship island-inspired resort on the Las Vegas Strip. In addition to expanding Travel + Leisure Co.’s resort footprint, the acquisition adds owners and inventory in two highly sought-after vacation markets.
Travel + Leisure Co. has indicated that the expanded portfolio creates opportunities to generate additional revenue throughout its vacation ownership network while offering owners access to a broader range of destinations.
At the time the Yes& Vacations transaction was announced, Travel + Leisure Co. had entered into a definitive agreement to acquire Spinnaker Resorts for approximately $150 million, subject to customary adjustments and potential performance-based payments.
That transaction has now been completed.
Founded in 1982 and headquartered in Hilton Head Island, South Carolina, Spinnaker Resorts has more than four decades of experience in the vacation ownership industry. The company develops, markets and provides property management services for 11 vacation ownership resorts across four destinations.
The Spinnaker portfolio includes six properties in Hilton Head Island, along with resorts in Ormond Beach, Florida; Branson, Missouri; and Williamsburg, Virginia.
The acquisition further expands Travel + Leisure Co.’s presence in established drive-to vacation markets while adding significant inventory in Hilton Head, one of the country’s leading leisure destinations.
The addition of Yes& Vacations and Spinnaker Resorts continues Travel + Leisure Co.’s broader expansion of its vacation ownership business.
Travel + Leisure Co.’s portfolio includes Club Wyndham, WorldMark by Wyndham, Margaritaville Vacation Club, Sports Illustrated Resorts, Accor Vacation Club and Eddie Bauer Adventure Club, among other travel and vacation ownership businesses.
The company has said it plans to integrate the newly acquired properties into its existing portfolio of brands over time.
Beyond adding resorts, the acquisitions provide Travel + Leisure Co. with additional owners, consumer financing receivables, sales and marketing operations, property management capabilities and opportunities to generate incremental revenue across its vacation ownership ecosystem.
For the vacation ownership industry, the transactions also represent another significant consolidation of established independent resort operations into one of the industry’s largest vacation ownership companies.
Sources: Travel + Leisure Co.; Foley & Lardner LLP; Spinnaker Resorts
Travel + Leisure Co. (NYSE: TNL) is a leading leisure travel company, providing more than six million vacations to travelers around the world every year. The company operates a diverse portfolio of vacation ownership, travel club, and lifestyle travel brands designed to meet the needs of the modern leisure traveler, whether they’re traversing the globe or enjoying destinations closer to home. This includes experiential brands such as Sports Illustrated Resorts, Eddie Bauer Adventure Club, Margaritaville Vacation Club, and Accor Vacation Club, as well as cornerstone brands, Club Wyndham, WorldMark, and RCI. With hospitality and responsible tourism at its heart, the company’s more than 19,000 dedicated associates worldwide help fulfill its mission to put the world on vacation. Learn more at travelandleisureco.com.
Yes& Companies is an operating and investment platform with a long history of founding, acquiring, scaling and monetizing businesses across multiple industries. Rooted in hospitality, the company applies decades of entrepreneurial and operational experience to create, acquire and grow businesses, develop scalable platforms and create long-term enterprise value. Through its vacation ownership platform, Yes& Vacations, the company has developed, owned and managed premier resort communities in some of the world’s most sought-after leisure destinations. Today, Yes& Companies continues to own, operate and invest in businesses through disciplined execution, thoughtful capital allocation and a long-term approach to value creation. Learn more at www.yesandco.com or contact The Ferraro Group – Holly@theferrarogroup.com.
Spinnaker operates 11 resorts, each offering a different experience and the local flavor of the unique locations. From the low-key coastal paradise of Hilton Head Island, South Carolina, to the sunny shores of Ormond Beach, Florida to the neon/natural draw of the Ozarks in Branson, Missouri and the historical playground of Williamsburg, Virginia – Spinnaker has developed resorts you’ll love to return to year after year. Our daily goal is to make sure you have the best possible vacation experience. Learn more at spinnakerresorts.com.
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