Timeshare company Wyndham Destinations, which spun off from Wyndham Hotels and Resorts in 2018, has acquired Travel + Leisure from Meredith Corp. for $100 million.
Wyndham Destinations, which is publicly traded, will change its name to Travel + Leisure Co. and will adopt the ticker symbol TNL in mid-February.
Meredith will continue to produce and monetize the media assets under a renewable 30-year, royalty-free lease and will handle advertising and marketing, produce its related print magazine and operate its website, podcasts and social media channels.
Editor in chief Jacqueline Gifford said that she and the editorial staff remain Meredith employees and have been assured of complete editorial independence. "It will be business as usual," she said.
Wyndham Destinations CEO Michael D. Brown said he hopes the combination of T+L's audience and his company's approximately 60,000 club members will help the company expand beyond the vacation ownership business. In a statement, he expressed his desire to "accelerate and amplify the growth of new capital-light travel businesses and services," expanding its portfolio through various branded products and offerings, including "new leisure travel and licensing markets."
Gifford said that Wyndham Destinations had initiated the discussion and that talks between the companies began before the pandemic.
The $100 million deal includes payment of $35 million at closing, with trailing payments completed by June 2024. Wyndham Destinations has also agreed to a five-year marketing commitment across Meredith's portfolio of media brands. The acquisition is expected to be neutral to earnings for the new Travel + Leisure Co. in Year One and accretive in Year Two.