Travel + Leisure (NYSE:TNL) said it will acquire the vacation ownership business with 24 resorts and 30,000 members, Accor (OTCPK:ACCYY), for $48.4 million.
Under the deal terms, Accor will receive a percentage of vacation ownership sales revenue as a licensing fee under the exclusive licensing agreement.
By acquiring an existing business, these two companies have formed a valuable partnership to create fresh timeshare offerings in Asia Pacific, the Middle East, Africa, and Turkey, all under the Accor Vacation Club brand, leveraging the Travel + Leisure global platform.
After finalizing the deal, the Accor Vacation Club will fall under the leadership of Barry Robinson, president and managing director of international operations for Travel + Leisure Co., based in the company’s Singapore office.
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.
With the addition of Accor Vacation Club to their international portfolio, the company’s membership in the Asia Pacific region will exceed 100,000, and their club resort count will see a substantial 40% growth, totaling to 77.
The deal is expected to close in the first quarter of 2024 and to be immediately accretive to Travel + Leisure earnings upon completion.
Travel + Leisure acquires vacation ownership business of Accor for $48.4M
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