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., July 15, 2026--(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.