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.
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The acquisition means the Accor Vacation
Club based in Australia, New Zealand and Indonesia will now be
integrated into the Travel + Leisure Co. business structure.
(Graphic: Business Wire)
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240303506576/en/
Chris Logan Travel + Leisure Co. Asia Pacific M: +61 424 134 869
chris.logan@travelandleisure.com Steven Goldsmith Travel + Leisure
Co. North America +1 407.626.5882
steven.goldsmith@travelandleisure.com
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