US: Timeshare and vacation ownership company Wyndham Destinations has acquired travel publication Travel + Leisure from Meredith Corporation, and will rebind itself as Travel + Leisure Co. from mid-February.
Wyndham Destinations, which spun off from Wyndham Hotel chain in 2018, operates 230 timeshare resorts around the globe. It has paid $100 million to Meredith Company to acquire Travel + Leisure.
Meredith Company will continue to operate and monetise Travel + Leisure under a 30-year royalty-free renewable licensing relationship. The deal also includes a five-year marketing commitment across Meredith’s portfolio of brands.
Michael Brown, CEO of Wyndham Destinations, said: “We acquired Travel + Leisure, including access to its global audience of 35 million loyal followers across multiple platforms and nearly 60,000 club members, because it matches our passion and purpose to put the world on vacation. Over the past 18 months, we have laid the foundation to expand our footprint beyond our core vacation ownership business, and today we add one of the most trusted and influential brands in travel through the acquisition of Travel + Leisure. This iconic brand, along with its authoritative content and wide audience, will help accelerate and amplify the growth of new capital-light travel businesses and services, as we take the next step in expanding our reach within the global leisure travel industry.”
Wyndham Destinations will rebrand as Travel + Leisure Co., and from mid-February 2021 Travel + Leisure Co. stock will begin trading on the NYSE under the ticker symbol TNL.