ORLANDO, Fla. & GOLD COAST, Australia--(BUSINESS WIRE)--Travel + Leisure Co. (NYSE:TNL), the world’s leading membership and leisure travel company, has successfully closed the acquisition of the vacation ownership business of global hospitality giant Accor (AC:FP). The acquisition is expected to be immediately accretive to Travel + Leisure Co. earnings.
The deal means the Accor Vacation Club based in Australia, New Zealand and Indonesia will now be integrated into the Travel + Leisure Co. business structure. The company has assumed responsibility for the development and marketing of Accor Vacation Club, along with the servicing of nearly 30,000 club members and management of 24 club resorts in Australia, New Zealand and Indonesia.
The acquisition increases the international portfolio of Travel + Leisure Co. – outside North America –to more than 100,000 members and its club resort count to 77.
As part of the agreement, Travel + Leisure Co. has the ability to develop new vacation ownership clubs and products utilising the Accor Vacation Club brand across a region including Asia Pacific, Middle East, Africa and Turkiye.
“These markets are all large consumer markets with incredible growth potential, and Accor’s portfolio of hotel and resort brands are already well-known and highly regarded by travellers in these regions, making them logical places for the future expansion of the Accor Vacation Club business,” said Barry Robinson, President and Managing Director of International Operations for Travel + Leisure Co.
“Our intention is to grow the brand in the various markets where we are licensed and expand in the markets Accor Vacation Club is already operating in.
“We are excited to have the opportunity to build on the 24-year legacy of Accor Vacation Club and, as the world’s leader in vacation ownership, we have the knowledge to grow Accor Vacation Club while conveying its unique propositions and delivering the elevated guest experiences the business is renowned for,” Robinson added.
The acquisition was a strategic move that enabled Travel + Leisure Co. to fulfil one of its key intents to operate and grow its vacation ownership businesses under other well-known brands, alongside brands like Wyndham, Sports Illustrated, and Margaritaville.
Travel + Leisure Co. oversees the development of Club Wyndham South Pacific and Club Wyndham Asia from its Asia Pacific headquarters in Singapore. Club Wyndham South Pacific and Accor Vacation Club were both launched on the Gold Coast in the year 2000, and are two of the largest vacation clubs in Australia and New Zealand.
Current Accor Vacation Club CEO Craig Wood will stay on and oversee day-to-day operations of that business and will report to Barry Robinson as part of the Travel + Leisure Co. structure.
“At Accor Vacation Club, we have a team that is passionate about the brand and product and are excited about this change,” said Wood. “We look forward to seeing the Accor Vacation Club brand grow and continue to deliver great outcomes for club members with guidance from Travel + Leisure Co.”
About Travel + Leisure Co.
As the world’s leading membership and leisure travel company, Travel + Leisure Co. (NYSE:TNL) transformed the way families vacation with the introduction of the most dynamic points-based vacation ownership program at Club Wyndham, and the first vacation exchange network, RCI. The company delivers more than six million vacations each year at 245+ timeshare resorts worldwide, through tailored travel and membership products, and via Travel + Leisure GO - the signature subscription travel club inspired by the pages of Travel + Leisure magazine. With hospitality and responsible tourism at the heart of all we do, our 19,000+ dedicated associates bring out the best in people and places around the globe. We put the world on vacation. Learn more at travelandleisureco.com.
Forward Looking Statements
This press release includes “forward-looking statements” as that term is defined by the Securities and Exchange Commission (“SEC”). Forward-looking statements are any statements other than statements of historical fact, including statements regarding our expectations, beliefs, hopes, intentions or strategies regarding the future. In some cases, forward-looking statements can be identified by the use of words such as “will,” “intends,” or “expects,” or other words of similar meaning. Forward-looking statements are subject to risks and uncertainties that could cause actual results of Travel + Leisure Co. and its subsidiaries (“Travel + Leisure Co.” or “we”) to differ materially from those discussed in, or implied by, the forward-looking statements. Factors that might cause such a difference include, but are not limited to, risks associated with: the future prospects and plans for Travel + Leisure Co., including our ability to successfully market and sell Accor Vacation Club products to current and future members; our ability to compete in the highly competitive timeshare and leisure travel industries, including through expanding Accor Vacation Club; the health of the travel industry and declines or disruptions caused by adverse economic conditions (including inflation, higher interest rates, and recessionary pressures), terrorism or acts of gun violence, political strife, war (including hostilities in Ukraine and the Middle East), pandemics, and severe weather events and other natural disasters; adverse changes in consumer travel and vacation patterns, consumer preferences and demand for our products; increased or unanticipated operating costs and other inherent business risks; our ability to comply with financial and restrictive covenants under our indebtedness; our ability to access capital and insurance markets on reasonable terms, at a reasonable cost or at all; maintaining the integrity of internal or customer data and protecting our systems from cyber-attacks; and those other factors disclosed as risks under “Risk Factors” in documents we have filed with the SEC, including in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 21, 2024. We caution readers that any such statements are based on currently available operational, financial and competitive information, and they should not place undue reliance on these forward-looking statements, which reflect management’s opinion only as of the date on which they were made. Except as required by law, we undertake no obligation to review or update these forward-looking statements to reflect events or circumstances as they occur.
