- Travel + Leisure Co. vacation ownership segment grows with the
acquisition of the vacation ownership business of global
hospitality group, Accor, for US$48.4 million
- Deal is expected to be immediately accretive to Travel +
Leisure Co. upon closing
- Continues delivering on the Travel + Leisure Co. strategic
priority of vacation brand portfolio expansion
- Acquisition of existing business helps the two companies
establish a relationship to develop new timeshare products in the
Asia Pacific, Middle East, Africa and Turkey regions under the
Accor Vacation Club brand, leveraging the Travel + Leisure Co.
global platform
Travel + Leisure Co. (NYSE:TNL), the world’s leading membership
and leisure travel company, announced an agreement to acquire the
vacation ownership business of global hospitality giant Accor
(AC:FP) for US$48.4 million. The acquisition is expected to close
in the first quarter of 2024 and to be immediately accretive to
Travel + Leisure Co. earnings upon completion.
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Travel + Leisure Co. Continues Brand
Portfolio Expansion with Acquisition of Accor Vacation Club (Photo:
Business Wire)
Under the terms of the deal, Travel + Leisure Co. will acquire
Accor’s vacation ownership business, Accor Vacation Club,
representing 24 resorts and nearly 30,000 members. Accor is the
largest international hotel chain in the Asia Pacific with more
than 1,600 hotels in operation, giving the brand a distinct
advantage in its recognition across the world’s most populous
region. Accor will receive a percentage of vacation ownership sales
revenue as a licensing fee under the exclusive licensing
agreement.
Travel + Leisure Co. also receives the exclusive rights to
develop new vacation ownership clubs and products utilizing the
Accor Vacation Club brand across a region including Asia Pacific,
Middle East, Africa and Turkey.
Upon deal closing, the Accor Vacation Club business line will
report into Barry Robinson, president and managing director of
international operations for Travel + Leisure Co., based in the
company’s Singapore office. “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,” Robinson
said. “We are a partner of choice for leading hospitality brands
because we are able to individually curate their brands and
maintain their unique offerings to travelers. 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 will create a new line of business for Travel +
Leisure Co. as Accor is added to the company’s portfolio of brand
affiliations, including Wyndham, Margaritaville, and Sports
Illustrated. The addition of Accor Vacation Club to the Travel +
Leisure Co. international portfolio increases its membership to
more than 100,000 in the Asia Pacific region and grows its club
resort count by approximately 40 percent to 77.
The Accor Vacation Club resorts are distributed across
Australia, New Zealand and Indonesia under Accor brands Peppers,
MGallery, Grand Mercure, The Sebel, Novotel, Mantra and Mercure in
locations including tropical Nusa Dua in Bali, Indonesia,
magnificent Darling Harbour in Sydney, Australia, and the capital
of South Pacific adventure tourism, Queenstown in New Zealand.
Duncan O’Rourke, Chief Executive Officer Accor MEA APAC –
Premium, Midscale and Economy Division, said the agreement
highlights Accor’s ongoing business evolution. “The transaction is
aligned with our asset-light strategy and allows us to monetise our
existing business and enhance recurring fee streams, supporting the
continued growth of our franchised hotel network across Asia
Pacific,” said O’Rourke. “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 travelandleisureco.com/avc.
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.
About Accor
Accor is a world leading hospitality group consisting of more
than 5,100 properties and 10,000 food and beverage venues
throughout 110 countries. The group has one of the industry’s most
diverse and fully-integrated hospitality ecosystems encompassing
luxury and premium brands, midscale and economy offerings, unique
lifestyle concepts, entertainment and nightlife venues, restaurants
and bars, branded private residences, shared accommodation
properties, concierge services, co-working spaces and more. Accor
also boasts an unrivalled portfolio of distinctive brands and
approximately 260,000 team members worldwide. Over 68 million
members benefit from the company’s comprehensive loyalty program
ALL - Accor Live Limitless - a daily lifestyle companion that
provides access to a wide variety of rewards, services and
experiences. Through its Planet 21 – Acting Here, Accor Solidarity,
RiiSE and ALL Heartist Fund initiatives, the group is focused on
driving positive action through business ethics, responsible
tourism, environmental sustainability, community engagement,
diversity and inclusivity. Founded in 1967, Accor SA is
headquartered in France and publicly listed on the Euronext Paris
Stock Exchange (ISIN code: FR0000120404) and on the OTC Market
(Ticker: ACCYY) in the United States. For more information visit
group.accor.com or follow Accor on Twitter, Facebook, LinkedIn and
Instagram.
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,” “expects,” “future,”
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 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; uncertainty
with respect to potential resurgences of the novel coronavirus
global pandemic (“COVID-19”); 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, 2022, filed with the SEC on
February 22, 2023. 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/20240130191390/en/
Media contacts: 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
Claire Haigh VP PR & Communications MEA APAC Premium,
Midscale, Economy M: + 61 438 681 446 claire.haigh@accor.com
Investor contacts: Kendrick Calilao Travel + Leisure Co.
+1 407.626.4487 ir@travelandleisure.com
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