Travel + Leisure Co. has announced its brand portfolio
expansion with the acquisition of global hospitality group, Accor,
for US $48.4 million.
Under the terms of the agreement, 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 more than 1,600 hotels in operation 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. will also obtain the exclusive rights
to develop new vacation ownership clubs and products utilizing the Accor
Vacation Club brand in regions including Asia Pacific, Middle East, Africa and
Turkey.
Upon the expected deal closing in the first quarter of 2024,
the Accor Vacation Club business line will report to Barry Robinson, president
and managing director of international operations for Travel + Leisure Co.,
based in the company’s Singapore office.
“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.”
This acquisition will create a new line of business for
Travel + Leisure Co. as Accor is added to the company’s portfolio of brand
affiliations that includes 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 percent to 77.
Accor Vacation Club resorts are distributed across
Australia, New Zealand and Indonesia under Accor brands Peppers, MGallery,
Grand Mercure, The Sebel, Novotel, Mantra and Mercure. These include locations in
Nusa Dua in Bali, Indonesia, Darling Harbour in Sydney, Australia, and Queenstown
in New Zealand.
Duncan O’Rourke, Chief Executive Officer of Accor MEA APAC –
Premium, Midscale and Economy Division, noted that the agreement highlights
Accor’s ongoing business evolution. “The transaction is aligned with our
asset-light strategy and allows us to monetize 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.”
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