Travel + Leisure buys two resort operators for $343M, adding 23 properties
What's the deal? Travel + LeisureDealroom has a profile for this one. Try Dealroom → Co. has closed its acquisition of Yes& Vacations and signed a definitive agreement to buy Spinnaker ResortsDealroom has a profile for this one. Try Dealroom →, in two deals totaling a combined upfront price of $343 million. The transactions include up to $10 million in contingent performance-based payments. The Spinnaker deal is expected to close in the third quarter of 2026.
What's added? The acquisitions bring 23 resorts and more than 100,000 vacation ownership members, expanding Travel + Leisure Co.'s owner base by over 10%. Yes& Vacations contributed seven Maui properties plus a resort on the Las Vegas Strip. Spinnaker adds six properties in Hilton Head, South Carolina, and resorts in Ormond Beach, Florida; Branson, Missouri; and Williamsburg, Virginia.
Why now? The rationale centers on securing quality inventory in high-demand markets — particularly Maui and Hilton Head — where new development is difficult. The larger owner base also generates recurring management fees, consumer financing receivables, and repeat vacation purchases.
The terms: The company is funding both deals through cash and existing debt capacity, and expects to end the year at a 3.2x leverage ratio while sustaining share repurchases at 2025 levels. Securitizing roughly $80 million of acquired financing receivables should cut net capital deployed to about $263 million.
What's the return? On a full-year basis, including identified synergies, the deals are expected to add about $50 million of adjusted EBITDA and are described as immediately accretive to adjusted EBITDA, diluted EPS, and free cash flow.
"Acquiring these companies strategically expands our presence in premier leisure destinations, adding quality inventory in markets where new development is challenging," said Michael D. Brown, president and chief executive officer of Travel + Leisure Co.
Travel + Leisure Co. provides more than six million vacations a year across a portfolio that includes Club Wyndham, WorldMark, RCI, Sports Illustrated Resorts, Margaritaville Vacation Club, and Accor Vacation Club. PJT PartnersDealroom has a profile for this one. Try Dealroom → advised Travel + Leisure Co., BofA SecuritiesDealroom has a profile for this one. Try Dealroom → advised Yes& Companies, and J.P. Morgan advised Spinnaker Resorts.
The signal: The deals show large timeshare operators buying scale in supply-constrained leisure markets rather than building new inventory, using existing owner networks to drive recurring revenue.
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