Travel + Leisure купила 23 курорта и 100 тысяч владельцев за 343 млн долларов

Key Points - Two acquisitions (Yes& Vacations and Spinnaker Resorts) add 23 resorts and over 100,000 existing owners for $343 million upfront (~$263 million net), with an expected ~$50 million in annual Adjusted EBITDA after synergies. - The deals secure inventory in hard-to-build markets like Maui and Hilton Head, plus a presence in drive-to markets such as Ormond Beach, Branson, and Williamsburg. - The 100,000 acquired owners may matter as much as the resorts: existing owners drive most timeshare sales, retain at 97%, and are less economy-sensitive—offsetting recently softer first-time buyer conversion. Summary Travel + Leisure has expanded its vacation ownership portfolio through two acquisitions—closing the Yes& Vacations deal and signing a definitive agreement for Spinnaker Resorts—for a combined $343 million upfront (roughly $263 million net after securitizing about $80 million in consumer receivables), plus up to $10 million in performance-based payments. The deals add 23 resorts, bringing the total to more than 280, and secure inventory in supply-constrained markets like Maui and Hilton Head as well as drive-to destinations such as Ormond Beach, Branson, and Williamsburg. Beyond the physical properties, the company gains over 100,000 existing owners, a strategically valuable asset given that the bulk of timeshare sales come from existing owners—who exhibit high retention (97%) and less economy-sensitive travel behavior—while first-time buyer conversion has recently softened. The Spinnaker deal is expected to close in Q3, and the acquisitions are projected to contribute roughly $50 million in annual Adjusted EBITDA after synergies.