Travel + Leisure Co.

Travel + Leisure Co. is an American vacation ownership and membership travel company headquartered in Orlando, Florida. Although the supplied historical name is Wyndham Worldwide, the authoritative subject is Travel + Leisure Co., the company that emerged from the 2018 separation of Wyndham's hotel business and adopted its current name in 2021. The company develops, markets, sells, finances, and manages vacation ownership interests, while also operating vacation exchange, travel membership, and related technology businesses. The company's corporate roots extend to Hospitality Franchise Systems, established in 1990 as an acquisition vehicle for hotel franchises. Hospitality Franchise Systems built a large lodging portfolio during the 1990s, acquiring brands including Days Inn, Howard Johnson, Ramada, and Super 8. In 1996 it acquired Resort Condominiums International, commonly known as RCI, a timeshare exchange business that became a major part of the group's later travel platform. Hospitality Franchise Systems merged with CUC International in 1997 to create Cendant Corporation. Cendant subsequently expanded its vacation ownership activities through the acquisitions of Fairfield Communities in 2001 and Trendwest Resorts in 2002, and acquired the Wyndham hotel brand from the Blackstone Group in 2005. On July 31, 2006, Cendant separated into several publicly traded businesses. Wyndham Worldwide was created with the former group's hotel and timeshare operations. For much of its existence, the company therefore combined hotel franchising, vacation ownership, exchange services, and vacation rentals under a broad travel portfolio. It expanded its vacation ownership platform through the 2013 acquisition of Shell Vacations Club, a transaction valued at $102 million plus assumed debt of $153 million according to the cited reference material. The company's structure changed substantially in 2018. In August 2017, Wyndham announced a plan to separate its hotel division. The spin-off was completed on May 31, 2018, creating Wyndham Hotels & Resorts as a separate public company. The remaining vacation ownership and travel businesses were renamed Wyndham Destinations. In the same period, the company sold its European vacation rental business to Platinum Equity for approximately $1.3 billion, including brands such as cottages.com, Hoseasons, James Villa Holidays, Landal GreenParks, and Novasol. It later sold its North American vacation rental business and related brands to Vacasa in July 2019 and acquired Alliance Reservations Network for $92 million in August 2019. In 2021, Wyndham Destinations acquired the Travel + Leisure brand from Meredith Corporation, now known as People Inc., and changed its corporate name to Travel + Leisure Co. The Travel + Leisure magazine continues to be published independently by People under a long-term license arrangement. The company's current portfolio includes vacation ownership clubs such as Club Wyndham, WorldMark by Wyndham, Margaritaville Vacation Club, and Accor Vacation Club, as well as RCI exchange services and travel membership products including Travel + Leisure GO. Travel + Leisure Co. reports two principal business lines: Vacation Ownership and Travel & Membership. Vacation Ownership covers sales and marketing of vacation ownership interests, consumer financing connected with purchases, resort development and acquisition, and property management services for owners' associations. Travel & Membership includes timeshare exchange, membership travel, and travel technology activities. The company describes its vacation ownership network as extending across North America, the Caribbean, and the South Pacific, with more than 270 properties, approximately 25,000 individual units, and more than 800,000 owners in the reference material. Its former exchange and rental platform served properties in more than 100 countries. The business remains active under the Travel + Leisure Co. name.

Travel + Leisure Co.'s history begins with Hospitality Franchise Systems, founded in 1990 as a vehicle for acquiring hotel franchises. During the 1990s, Hospitality Franchise Systems assembled a substantial lodging portfolio, acquiring Days Inn, Howard Johnson, Ramada, and Super 8 by 1995. It entered the vacation exchange sector in 1996 by acquiring Resort Condominiums International, or RCI. In 1997, Hospitality Franchise Systems merged with CUC International to form Cendant Corporation. Cendant broadened the group's vacation ownership exposure through the acquisition of Fairfield Communities in 2001 and Trendwest Resorts in 2002. In 2005, Cendant acquired the Wyndham hotel brand from the Blackstone Group, adding a prominent identity that would later be used by the company's hotel and vacation ownership businesses. Cendant's planned division into separate companies led to the formation of Wyndham Worldwide on July 31, 2006. The new company received Cendant's hotel and timeshare operations. It subsequently operated across several travel categories, including hotel franchising, vacation ownership, exchange services, and vacation rentals. In 2013, it acquired Shell Vacations Club for $102 million plus $153 million of assumed debt, strengthening its vacation ownership platform. The company began simplifying its structure in the late 2010s. In August 2017, it announced that its hotel division would be separated from the rest of the business. The transaction closed on May 31, 2018, when Wyndham Hotels & Resorts became an independent publicly traded company. The remaining company changed its name to Wyndham Destinations and focused on vacation ownership, exchange, and membership travel. In 2018, it also sold its European vacation rental operations to Platinum Equity for approximately $1.3 billion. The divestment included several established rental brands, among them cottages.com, Hoseasons, James Villa Holidays, Landal GreenParks, and Novasol. In July 2019, Wyndham Destinations sold its North American vacation rental business and associated brands to Vacasa, and in August 2019 it acquired Alliance Reservations Network for $92 million. A further identity change occurred in 2021. Wyndham Destinations acquired the Travel + Leisure brand from Meredith Corporation and adopted Travel + Leisure Co. as its corporate name. The magazine itself remained a separately published People property under a long-term licensing agreement. The renamed company retained and developed its vacation ownership and travel membership operations rather than becoming a conventional magazine publisher. The company's current business is organized around Vacation Ownership and Travel & Membership. Vacation Ownership includes the sale and marketing of vacation ownership interests, related consumer financing, resort development and acquisitions, and services for property owners' associations. Travel & Membership includes RCI's exchange activities, travel clubs, membership products, and technology businesses. The portfolio includes Club Wyndham, WorldMark by Wyndham, Margaritaville Vacation Club, Accor Vacation Club, RCI, and Travel + Leisure GO. The cited reference describes a vacation ownership network of more than 270 properties, approximately 25,000 units, and over 800,000 owners across North America, the Caribbean, and the South Pacific.

1. 2021Company becomes Travel + Leisure Co.

   Following its acquisition of the Travel + Leisure brand from Meredith Corporation, Wyndham Destinations adopts the Travel + Leisure Co. name.

   Source
2. 2019North American vacation rental business is sold

   Wyndham Destinations sells its North American vacation rental business and related brands to Vacasa.

   Source
3. 2018Hotel business is separated

   Wyndham Hotels & Resorts becomes a separate company on May 31, and the remaining company becomes Wyndham Destinations.

   Source
4. 2016Wyndham Destination Network name is introduced

   The former Wyndham Exchange and Rentals business adopts the Wyndham Destination Network name as the company reorganizes its travel and membership activities.

   Source
5. 2013Shell Vacations Club is acquired

   Wyndham acquires Shell Vacations Club for $102 million plus $153 million of assumed debt.

   Source
6. 2006Wyndham Worldwide is spun off from Cendant

   Wyndham Worldwide is created on July 31 as part of Cendant's division into separate companies.

   Source
7. 2005Wyndham hotel brand is acquired

   Cendant purchases the Wyndham hotel brand from the Blackstone Group.

   Source
8. 2002Trendwest Resorts is acquired

   Cendant acquires Trendwest Resorts, adding further vacation ownership operations.

   Source
9. 2001Fairfield Communities is acquired

   Cendant expands its vacation ownership activities through the acquisition of Fairfield Communities.

   Source
10. 1997Cendant Corporation is formed

    Hospitality Franchise Systems merges with CUC International to create Cendant Corporation.

    Source
11. 1996RCI is acquired

    Hospitality Franchise Systems acquires Resort Condominiums International, creating an important foundation for the group's later exchange business.

    Source
12. 1990Hospitality Franchise Systems is founded

    Hospitality Franchise Systems is established as an acquisition vehicle for hotel franchises, providing an early corporate predecessor to Travel + Leisure Co.

    Source

A global vacation ownership and membership travel platform combining resort-based timeshare products, exchange services, vacation clubs, and travel technology.

• Club WyndhamVacation ownership club

  A vacation ownership club associated with the Wyndham portfolio. It provides members with access to vacation accommodations through an ownership-based points and resort network model.

• WorldMark by WyndhamVacation ownership club

  A vacation ownership brand serving members through a network of resort accommodations, particularly associated with destinations in North America and the South Pacific.

• Margaritaville Vacation ClubVacation ownership club

  A branded vacation ownership club operated within the company's portfolio and connected to Margaritaville-themed resort and leisure experiences.

• Accor Vacation ClubVacation ownership club

  A vacation ownership offering operated within the company's portfolio under the Accor Vacation Club identity.

• RCITimeshare exchange1974

  The company's principal vacation exchange business. RCI enables participating vacation ownership members to exchange usage rights for stays at other resorts and destinations.

• Travel + Leisure GOTravel membership

  A travel membership product associated with the Travel + Leisure Co. portfolio, intended to provide members with access to travel offers, booking capabilities, and related benefits.

• 2021Adopt the Travel + Leisure corporate identityStrategy

  The company wanted to build a broader consumer-facing travel identity after separating its hotel division and focusing on vacation ownership and membership travel.

  What changed. After acquiring the Travel + Leisure brand from Meredith Corporation, Wyndham Destinations changed its corporate name to Travel + Leisure Co.

  Aftermath. The company continued operating vacation ownership and travel membership businesses under a name associated with a licensed travel media brand. The Travel + Leisure magazine remained independently published by People under a long-term license.

  Source
• 2019Acquire Alliance Reservations NetworkM&A

  Wyndham Destinations sought to broaden its travel technology and reservation capabilities.

  What changed. The company acquired Alliance Reservations Network.

  Aftermath. The acquisition added reservation and travel technology capabilities to the Travel & Membership business.

  Acquisition price. $92 million (August 2019)

  Source
• 2018Sell the European vacation rental businessM&A

  Following the hotel separation, the company continued to narrow its focus on vacation ownership, exchange, and membership travel.

  What changed. The European vacation rental business, including several established rental brands, was sold to Platinum Equity.

  Aftermath. The sale reduced the company's direct exposure to European vacation rentals.

  Reported transaction value. Approximately $1.3 billion (2018)

  Source
• 2017Separate the hotel divisionStrategy

  Wyndham Worldwide operated both hotel and vacation ownership businesses, but management announced a plan to create a more focused vacation ownership company.

  What changed. The company announced that its hotel division would be spun off to shareholders as a separate publicly traded company.

  Aftermath. The separation closed in 2018, creating Wyndham Hotels & Resorts and leaving Wyndham Destinations as a vacation ownership and travel company.

  Source
• 2013Acquire Shell Vacations ClubM&A

  The company sought to expand its vacation ownership platform.

  What changed. Wyndham acquired Shell Vacations Club for $102 million and assumed $153 million of debt.

  Aftermath. The transaction added Shell Vacations Club to the company's vacation ownership portfolio.

  Acquisition consideration and assumed debt. $102 million consideration plus $153 million assumed debt (2013)

  Source
• 2006Create Wyndham Worldwide through a corporate spin-offM&A

  Cendant planned to divide its hotel, travel, vehicle-rental, and related businesses into separate companies.

  What changed. On July 31, Wyndham Worldwide was established with Cendant's hotel and timeshare operations.

  Aftermath. The new company became the corporate platform that later separated its hotel business and evolved into Travel + Leisure Co.

  Source

• 2016Investigations into Wyndham vacation ownership sales practicesControversy

  Wyndham Vacation Resorts faced investigations into sales practices in Pennsylvania and Wisconsin. In Pennsylvania, the state Real Estate Commission fined Wyndham and broker Craig Roberts a combined $15,000 in connection with the company's Shawnee-on-Delaware location. In Wisconsin, Wyndham settled similar allegations and paid $655,000 in restitution to 29 consumers.

  Source
• 2016Trish Williams wrongful-termination verdictControversy

  A San Francisco jury awarded $20 million to former Wyndham timeshare sales representative Trish Williams. The case concerned allegations that she was wrongfully terminated in 2010 after reporting timeshare fraud involving elderly customers.

  Source

• 2021Travel + Leisure brand is acquired and adopted as the corporate name

  Wyndham Destinations acquired the Travel + Leisure brand from Meredith Corporation and changed its corporate name to Travel + Leisure Co.

  M&ALeadership change
  Source
• 2019North American vacation rental business is sold to Vacasa

  Wyndham Destinations sold its North American vacation rental business and associated brands to Vacasa.

  M&A
  Source
• 2018Wyndham Hotels & Resorts is separated from the company

  The hotel division became Wyndham Hotels & Resorts on May 31, 2018, while the remaining business was renamed Wyndham Destinations.

  M&A
  Source
• 2018European vacation rental business is sold to Platinum Equity

  Wyndham Worldwide completed the sale of its European vacation rental operations and associated brands to Platinum Equity for approximately $1.3 billion, according to the reference material.

  M&A
  Source
• 2018Wyndham Hotels & Resorts is separated from Wyndham Destinations

  The hotel division became Wyndham Hotels & Resorts, while the remaining company was renamed Wyndham Destinations.

  Other
  Source
• 2017Wyndham Worldwide announces hotel division separation

  The company announced plans to spin off its hotel business, allowing the remaining company to focus on vacation ownership and related travel services.

  M&A
  Source
• 2017Wyndham announces hotel-business separation

  Wyndham Worldwide announced plans to spin off its hotel division, leaving the remaining company more focused on vacation ownership and related travel businesses.

  Other
  Source
• 2006Wyndham Worldwide is created through the Cendant spin-off

  Cendant separated its businesses into several independent companies, creating Wyndham Worldwide with the former group's hotel and timeshare operations.

  M&AOther
  Source
• 2006Wyndham Worldwide is spun off from Cendant

  Cendant separated its hotel and timeshare businesses into the newly established Wyndham Worldwide.

  Other
  Source

1. Travel + Leisure Co.