TRAVEL + LEISURE CO. ACQUISITION OF ACCOR VACATION CLUB SUCCESSFULLY CLOSES
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). |
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TRAVEL + LEISURE CO. ACQUISITION OF ACCOR VACATION CLUB SUCCESSFULLY CLOSES
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). |
Category: Asia Pacific - Industry economy
- Group or hotel buyout - Tourism
This is a press release selected by our editorial committee and published online for free on 2024-03-06
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.
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