Travel + Leisure Co. Adds Premier Resort Destinations and Expands Owner Base by Over 10% with the Acquisitions of Yes& Vacations and Spinnaker Resorts

  • Travel + Leisure Co. acquires Yes& Vacations and Spinnaker Resorts for a combined upfront purchase price of $343 million
  • Adds 23 resorts to Travel + Leisure Co.’s portfolio including high-demand destinations Maui and Hilton Head
  • Expands Travel + Leisure Co.’s vacation ownership base by more than 100,000 owners
  • Deals are expected to be immediately accretive to Adjusted EBITDA, Adjusted Diluted EPS and Adjusted Free Cash Flow

ORLANDO, Fla.--(BUSINESS WIRE)-- Travel + Leisure Co. (NYSE: TNL), a leading leisure travel company, today announced the closing of the acquisition of Yes& Vacations and, separately, entering into a definitive agreement to acquire Spinnaker Resorts, for a combined upfront purchase price of $343 million, subject to customary adjustments and contingent performance-based payments of up to $10 million. The Spinnaker Resorts acquisition is expected to close in the third quarter of 2026, subject to customary closing conditions. The transactions are expected to be immediately accretive to Adjusted EBITDA, Adjusted Diluted EPS and Adjusted Free Cash Flow. The Company is funding the acquisitions through cash and existing debt capacity and expects to end the year at a 3.2x leverage ratio, while sustaining share repurchases at similar levels to 2025.

Together, the transactions add more than 100,000 owners and 23 resorts to Travel + Leisure Co.’s vacation ownership network, expanding its presence in two of leisure travel’s most sought-after destinations, Maui and Hilton Head. Yes& Vacations added seven properties in Maui, and a flagship island-inspired resort on the Las Vegas Strip. Spinnaker Resorts will add six properties in Hilton Head, as well as resorts in attractive drive-to leisure destinations including Ormond Beach, Branson, and Williamsburg.

“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 CEO of Travel + Leisure Co. “Combined, these transactions significantly expand our resort and owner base, creating meaningful opportunities to generate incremental revenue across our vacation ownership ecosystem.”

The upfront cash purchase price of $343 million is expected to be reduced by securitizing approximately $80 million of acquired consumer financing receivables, resulting in net capital deployed of approximately $263 million. On a full year basis, inclusive of identified synergies, these acquisitions are expected to contribute approximately $50 million of Adjusted EBITDA. Additional details regarding the strategic benefits and financial impact of these acquisitions will be discussed during the upcoming earnings call on July 22, 2026.

“These acquisitions reflect our approach to capital allocation – deploying capital where we believe it can generate attractive long-term returns while maintaining balance sheet flexibility and continuing our consistent approach to returning capital to shareholders,” added Erik Hoag, Chief Financial Officer at Travel + Leisure Co. “They are immediately accretive and create meaningful opportunities through owner monetization, receivables optimization and recurring management fee growth.”

“We are proud of what our team has built and deeply grateful to the owners and associates who have been part of this journey,” said Anthony Twist, CEO of Yes& Companies. “Joining Travel + Leisure Co. creates extraordinary opportunities for our people, our owners and our resorts. The company is a recognized leader in vacation ownership, shares our commitment to hospitality and has the scale and resources to carry Yes& Vacations into its next chapter.”

PJT Partners served as exclusive financial advisor to Travel + Leisure Co. in connection with the transactions. BofA Securities, Inc. served as exclusive financial advisor to Yes& Companies and J.P. Morgan served as exclusive financial advisor to Spinnaker Resorts.

To learn more about Travel + Leisure Co., please visit travelandleisureco.com.

Forward Looking Statements

This press release includes “forward-looking statements” as that term is defined by the Securities and Exchange Commission (“SEC”). Forward-looking statements are any statements other than statements of historical fact, including statements regarding our expectations, beliefs, hopes, intentions or strategies about the effects of the strategic transactions and closing of the Spinnaker Resorts transaction discussed in this press release and the future. In some cases, forward-looking statements can be identified by the use of words such as “will,” “intends,” or “expects,” or other words of similar meaning. Forward-looking statements are subject to risks and uncertainties that could cause actual results of Travel + Leisure Co. and its subsidiaries (“Travel + Leisure Co.” or “we”) to differ materially from those discussed in, or implied by, the forward-looking statements. Factors that might cause such a difference include, but are not limited to, risks associated with: the future prospects and plans for Travel + Leisure Co., including our ability to compete in the highly competitive timeshare and leisure travel industries; the health of the travel industry and declines or disruptions caused by adverse economic conditions (including inflation, recent tariff and other trade restrictions, higher interest rates, recessionary pressures, and any potential adverse economic impacts resulting from the U.S. federal government shutdown), travel restrictions, terrorism or acts of gun violence, political strife, war (including hostilities in Ukraine and the Middle East), pandemics, and severe weather events and other natural disasters; adverse changes in consumer travel and vacation patterns, consumer preferences and demand for our products; increased or unanticipated operating costs and other inherent business risks; our ability to comply with financial and restrictive covenants under our indebtedness; our ability to access capital and insurance markets on reasonable terms, at a reasonable cost or at all; maintaining the integrity of internal or customer data and protecting our systems from cyber-attacks; and those other factors disclosed as risks under “Risk Factors” in documents we have filed with the SEC, including in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 18, 2026. We caution readers that any such statements are based on currently available operational, financial and competitive information, and they should not place undue reliance on these forward-looking statements, which reflect management’s opinion only as of the date on which they were made. Except as required by law, we undertake no obligation to review or update these forward-looking statements to reflect events or circumstances as they occur.

Certain Financial Measures

The Company calculates its leverage ratio as its net debt (total debt outstanding, less non-recourse vacation ownership debt and cash and cash equivalents) divided by Adjusted EBITDA as defined in its credit agreement. Adjusted Diluted Earnings Per Share (EPS), Adjusted Free Cash Flow, EBITDA and Adjusted EBITDA are non-GAAP financial measures. EBITDA is defined by the Company as net income from continuing operations before depreciation and amortization, interest expense (excluding consumer financing interest), early extinguishment of debt, interest income (excluding consumer financing revenues) and income taxes, each of which is presented on the condensed consolidated statements of income. Adjusted EBITDA also excludes stock-based compensation costs, separation and restructuring costs, legacy items, transaction and integration costs associated with mergers, acquisitions, and divestitures, asset impairments/recoveries and inventory write-downs associated with the Company’s resort optimization initiative, gains and losses on sale/disposition of business, and items that meet the conditions of unusual and/or infrequent. Legacy items include the resolution of and adjustments to certain contingent assets and liabilities related to acquisitions of continuing businesses and dispositions, including the separation of Wyndham Hotels & Resorts, Inc. and Avis Budget Group, Inc. (ABG), and the sale of the vacation rentals businesses. Integration costs represent certain non-recurring costs directly incurred to integrate mergers and/or acquisitions into the existing business. We believe that when considered with GAAP measures, Adjusted EBITDA is useful to assist our investors in evaluating our ongoing operating performance for the current reporting period and, where provided, over different reporting periods. We also internally use this measure to assess our operating performance, both absolutely and in comparison to other companies, and in evaluating or making selected compensation decisions. Adjusted EBITDA should not be considered in isolation or as a substitute for net income/(loss) or other income statement data prepared in accordance with GAAP and our presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. Adjusted Free Cash Flow is defined by the Company as net cash provided by operating activities from continuing operations less property and equipment additions (capital expenditures) plus the sum of proceeds and principal payments of non-recourse vacation ownership debt, while also adding back cash paid for transaction costs for acquisitions and divestitures, separation adjustments associated with the spin-off of Wyndham Hotels, and certain adjustments related to COVID-19. TNL believes adjusted FCF to be a useful operating performance measure to evaluate the ability of its operations to generate cash for uses other than capital expenditures and, after debt service and other obligations, its ability to grow its business through acquisitions and equity investments, as well as its ability to return cash to shareholders through dividends and share repurchases. A limitation of using Adjusted free cash flow versus the GAAP measure of net cash provided by operating activities as a means for evaluating TNL is that Adjusted free cash flow does not represent the total cash movement for the period as detailed in the consolidated statement of cash flows. Adjusted Diluted EPS is defined by the Company as Adjusted net income divided by the diluted weighted average number of common shares. Adjusted Diluted EPS is useful to assist our investors in evaluating our ongoing operating performance for the current reporting period and, where provided, over different reporting periods.

About Travel + Leisure Co.

Travel + Leisure Co. (NYSE: TNL) is a leading leisure travel company, providing more than six million vacations to travelers around the world every year. The company operates a diverse portfolio of vacation ownership, travel club, and lifestyle travel brands designed to meet the needs of the modern leisure traveler, whether they’re traversing the globe or enjoying destinations closer to home. This includes experiential brands such as Sports Illustrated Resorts, Eddie Bauer Adventure Club, Margaritaville Vacation Club, and Accor Vacation Club, as well as cornerstone brands, Club Wyndham, WorldMark, and RCI. With hospitality and responsible tourism at its heart, the company’s more than 19,000 dedicated associates worldwide help fulfill its mission to put the world on vacation. Learn more at travelandleisureco.com.

About Yes& Companies

Yes& Companies is an operating and investment platform with a long history of founding, acquiring, scaling and monetizing businesses across multiple industries. Rooted in hospitality, the company applies decades of entrepreneurial and operational experience to create, acquire and grow businesses, develop scalable platforms and create long-term enterprise value. Through its vacation ownership platform, Yes& Vacations, the company has developed, owned and managed premier resort communities in some of the world’s most sought-after leisure destinations. Today, Yes& Companies continues to own, operate and invest in businesses through disciplined execution, thoughtful capital allocation and a long-term approach to value creation. Learn more at www.yesandco.com or contact The Ferraro Group – Holly@theferrarogroup.com.

About Spinnaker Resorts

Spinnaker operates 11 resorts, each offering a different experience and the local flavor of the unique locations. From the low-key coastal paradise of Hilton Head Island, South Carolina, to the sunny shores of Ormond Beach, Florida to the neon/natural draw of the Ozarks in Branson, Missouri and the historical playground of Williamsburg, Virginia – Spinnaker has developed resorts you’ll love to return to year after year. Our daily goal is to make sure you have the best possible vacation experience. Learn more at spinnakerresorts.com.

Investors:
Investor Relations
IR@travelandleisure.com

Media Contact:
Public Relations
Media@travelandleisure.com

Source: Travel + Leisure Co.

Released Jul 15, 2026