Travel + Leisure Co. Adds Premier Resort Destinations with the Acquisitions of Yes& Vacations and Spinnaker Resorts

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 way to “strategically expand our presence in premier leisure destinations, adding quality inventory in markets where new development is challenging.”

This move positions Travel + Leisure Co. to capture more revenue across its vacation ownership ecosystem while strengthening its footprint in both fly-to and drive-to leisure markets.