Travel + Leisure Co. is making a big vacation bet, snapping up 23 resorts in a pair of deals worth $343 million upfront that bulk up its presence in hot spots like Maui and Hilton Head. The Orlando-based leisure giant says the acquisitions will add more than 100,000 new owners and boost inventory in coveted destinations where building from scratch has become increasingly tough.
Deal overview
In a press release, Travel + Leisure Co. said it has closed its purchase of Yes& Vacations and signed a definitive agreement to acquire Spinnaker Resorts. Together, the transactions have an upfront purchase price of $343 million, subject to customary adjustments and contingent payments of up to $10 million.
The company said the Spinnaker deal is expected to close in the third quarter of 2026. Both acquisitions are projected to be immediately accretive to adjusted EBITDA, adjusted diluted EPS and adjusted free cash flow, according to the release. Travel + Leisure plans to fund the purchases with cash and existing debt capacity while keeping share repurchases at levels similar to those in 2025.
Where the resorts are
Yes& Vacations brings seven resorts in Maui plus an island-inspired property on the Las Vegas Strip. Spinnaker adds six properties in Hilton Head, along with resorts in drive-to leisure markets including Branson, Ormond Beach, and Williamsburg, according to Bisnow.
Combined, the deals add more than 100,000 owners to Travel + Leisure's vacation-ownership network and expand its presence in coastal and short-drive getaway destinations. Bisnow also reported that the company's stock ticked higher after the announcement.
Financials and next steps
The company said the $343 million upfront tab will be reduced by securitizing approximately $80 million of acquired consumer-finance receivables, bringing net capital deployed to about $263 million. Inclusive of identified synergies, the acquisitions are expected to contribute roughly $50 million of Adjusted EBITDA on a full-year basis, according to the release.
Travel + Leisure said it will share more details on the transactions during its July 22 earnings call and reiterated that the Spinnaker acquisition is expected to close in the third quarter of 2026. “Acquiring these companies strategically expands our presence in premier leisure destinations, adding quality inventory in markets where new development is challenging,” Travel + Leisure President and CEO Michael D. Brown said in the release.
What owners and travelers should expect
The company says the larger footprint in hard-to-develop vacation markets opens the door for more owner monetization, optimization of receivables, and recurring management-fee growth. For current owners and guests, the near-term outlook is continuity: reservations and memberships are expected to be honored while the corporate teams work through integration and systems consolidation behind the scenes.
Investors and owners will be listening closely on July 22 for more color on how quickly the new properties will be integrated, the timing of expected run-rate synergies, and the impact on Travel + Leisure's leverage and capital-return plans.
