Travel + Leisure以3.43亿美元收购Yes& Vacations并拟收购Spinnaker Resorts，新增度假村和业主基础

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

Jul 15, 2026 8:30am EDT

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