Timeshare business Wyndham Locations, which spun off from Wyndham Hotels and Resorts in 2018, has obtained Journey + Leisure from Meredith Corp. for $100 million.
Wyndham Destinations, which is publicly traded, will improve its title to Travel + Leisure Co. and will adopt the ticker image TNL in mid-February.
Meredith will continue on to create and monetize the media property under a renewable 30-year, royalty-free of charge lease and will cope with advertising and marketing and marketing and advertising, make its related print magazine and operate its web site, podcasts and social media channels.
Editor in chief Jacqueline Gifford explained that she and the editorial personnel continue being Meredith staff members and have been confident of full editorial independence. “It will be business enterprise as regular,” she stated.
Wyndham Destinations CEO Michael D. Brown said he hopes the combination of T+L’s viewers and his firm’s around 60,000 club members will aid the business grow over and above the vacation possession company. In a statement, he expressed his need to “speed up and amplify the advancement of new cash-light-weight travel organizations and services,” growing its portfolio by various branded items and choices, together with “new leisure vacation and licensing marketplaces.”
Gifford claimed that Wyndham Places had initiated the discussion and that talks amongst the corporations commenced ahead of the pandemic.
The $100 million deal features payment of $35 million at closing, with trailing payments concluded by June 2024. Wyndham Destinations has also agreed to a 5-calendar year marketing dedication throughout Meredith’s portfolio of media brands. The acquisition is envisioned to be neutral to earnings for the new Vacation + Leisure Co. in Yr 1 and accretive in Yr Two.