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| Travel + Leisure Co. Continues Brand Portfolio Expansion with Acquisition of Accor Vacation Club (Photo: Business Wire) |
KUALA LUMPUR, Jan 31 (Bernama) -- 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 US$48.4 million. (US$1=RM4.72)
In a statement, the travel company said the acquisition 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 deal, Travel + Leisure Co will acquire Accor’s vacation ownership business, Accor Vacation Club, representing 24 resorts and nearly 30,000 members, and upon deal closing, the Accor Vacation Club business line will report to travel company’s president and managing director of international operations, Barry Robinson who is based in the company’s Singapore office.
Robinson said the company is excited about building on the legacy of Accor Vacation Club, which has been a recognised and respected presence in the region for over 20 years.
“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 travellers.
“Utilising 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,” he said.
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 per cent to 77.
Travel + Leisure Co also receives the exclusive rights to develop new vacation ownership clubs and products utilising the Accor Vacation Club brand across Asia Pacific, Middle East, Africa and Turkey regions, while Accor will receive a percentage of vacation ownership sales revenue as a licencing fee under the exclusive licencing agreement.
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.
-- BERNAMA
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