Wyndham Destinations acquires travel magazine
During a time of struggle for the hospitality industry, a timeshare company has found a unique way to make revenue.
Orlando-based rental and timeshare company Wyndham Destinations is acquiring Travel + Leisure magazine from Meredith Corp., reports Skift. In the $100 million deal Wyndham will change its name to Travel + Leisure Co. and Meredith will continue to operate all media through a licensing agreement. Wyndham will also acquire Travel + Leisure’s travel clubs, which has 60,000 members.
According to Skift, the move helps Wyndham continue to attract millennial travels. Millennials are the company’s fastest-growing sales demographic, accounting for 20% of sales in 2019. In fact, Wyndham actually posted a $40 million profit in the third quarter of 2020 timeshares becoming popular during the pandemic.
“This iconic brand, along with their authoritative content and wide audience, will help accelerate and amplify the growth of new capital-light travel businesses and services, as we take the next step in expanding our reach within the global leisure travel industry,” said Wyndham CEO Michael Brown.
All in all, Wyndham will encompass 20 brands and more than 200 vacation club resorts around the world. The move helps Meredith as well. Known for brands such as People, Entertainment Weekly and InStyle, the company lost $289 million in the third quarter of 2020. But it looks like the deal, which will see Travel + Leisure’s editor-in-chief Jacqui Gifford and publisher Giulio Capua maintain their roles, will give Meredith a boost overall.
“The Wyndham Destinations alliance is a win-win strategy, and indicative of our interest in collaborating with industry leaders to optimize the potential of our many other powerful Meredith media brands,” John Zieser, Meredith Corp.’s chief development officer, said in a statement.