Behind Travel + Leisure’s $343 Million Bet, and Why More Timeshare Deals Are Coming

Executives at Travel + Leisure Co. explained the logic behind their acquisition of Yes& Vacations and a pending purchase of Spinnaker Resorts, for a combined $343 million upfront. CEO Michael Brown cited inventory as a key rationale on an earnings call Wednesday. The deals add 23 resorts to a portfolio of more than 280, with more than half of the new properties in new destinations for its network. "Both of these companies are well-run companies that have resorts and destinations where we had white space," Brown said. "Hilton Head, South Carolina, and Maui are 2 locations that are highly demanded by our owner bases." The deals also bring more than 100,000 owners, expanding Travel + Leisure's customer base by more than 10%, Brown said. Timeshare owners buy an annual allotment of points redeemable for stays across a resort network, plus annual maintenance fees. Most buy an annual allotment of points, redeemable for stays across a network of