Travel + Leisure Co. – the world’s leading membership and leisure travel company – announced an agreement to acquire the vacation ownership business of global hospitality giant Accor for $48.4 million. The deal is expected to close in the first quarter of 2024 and to be immediately accretive to Travel + Leisure Co. earnings upon completion.
Under the terms of the acquisition, 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 over 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 received the exclusive rights to develop new vacation ownership clubs and products utilizing the Accor Vacation Club brand across Asia Pacific, the Middle East, Africa, and Turkey.
Upon the closing of the deal, 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.
The deal 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 over 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 like 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.
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“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.”
– Barry Robinson, president and managing director of international operations for Travel + Leisure Co
“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.”
– Duncan O’Rourke, Chief Executive Officer Accor MEA APAC – Premium, Midscale and Economy Division
