India, July 20 -- Travel + Leisure Co. has just made a major expansion move, acquiring Yes& Vacations and Spinnaker Resorts for a combined upfront purchase price of $343 million.
Portfolio Growth:
Adds 23 resorts to its network, including high-demand destinations like Maui and Hilton Head.
Owner Base Expansion:
More than 100,000 new vacation ownership members, boosting its base by over 10%.
Strategic Fit:
- Yes& Vacations brings seven Maui properties and a flagship resort on the Las Vegas Strip.
- Spinnaker Resorts adds six Hilton Head properties plus resorts in Ormond Beach (FL), Branson (MO), and Williamsburg (VA).
Financial Impact:
- Expected to contribute about $50 million in Adjusted EBITDA annually (including synergies).
- Transactions are immediately accretive to Adjusted EBITDA, EPS, and Free Cash Flow.
- Net capital deployed: ~$263 million after securitizing $80 million in receivables.
Funding:
Through cash and existing debt capacity, with leverage ratio projected at 3.2x by year-end.
CEO Michael D. Brown described the acquisitions as a....
Published by HT Digital Content Services with permission from Travel Media.