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The region’s largest hotel and accommodation owner-operator has offloaded its timeshare rights to one of the world’s biggest players in that sub-sector.
The US-based Travel + Leisure Co said it had acquired Accor’s Vacation Club brand for $73.6 million (US$48.4 million).
The deal has been tipped to help both buyer and seller create new timeshare opportunities and projects in a number of regions including the Asia-Pacific, Middle East, Africa and Turkey.
Under the deal, Travel + Leisure Co will have the exclusive rights to create new products and vacation ownership clubs while Accor will receive a percentage of vacation ownership sales revenue as a licensing fee under the agreement.
The deal is expected to be finalised this quarter.
Accor is the largest international hotel chain in the Asia Pacific region with more than 1600 hotels. The Accor Vacation Club represents 24 resorts with nearly 30,000 members.
According to its website, the US-based Travel + Leisure Co is the world’s leading membership and leisure travel company, with nearly 20 travel brands across its resort, travel club, and lifestyle portfolio.
The acquisition means Travel + Leisure Co adds Accor to its portfolio of brand affiliations that already includes Wyndham, Margaritaville and Sports Illustrated.
Travel + Leisure Co will also add more than 100,000 new members in the Asia Pacific region and its club resort count will increase to 77 per cent of that market.
Accor Vacation Club resorts are in Australia, New Zealand and Indonesia under brands including Peppers, MGallery, Grand Mercure, The Sebel, The Novotel, Mantra and Mercure.
Locations include Bali’s Nusa Dua, Sydney’s Darling Harbour and New Zealand’s Queenstown.
“The transaction is aligned with our asset-light strategy and allows us to monetise our existing business and enhance recurring fee streams, supporting the continued growth of our franchised hotel network across Asia Pacific,” Accor MEA and APAC chief executive Duncan O’Rourke said.
“By selling the business to a trusted and proven operator with significant scale, we will be able to grow the business and continue to drive outstanding hospitality experiences for Accor Vacation Club members.”
The outlook for tourism and the travel industry in 2024 in Australia is positive.
