Leisure travel company Travel + Leisure Co. has closed on the acquisition of Yes& Vacations and, separately, has entered 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 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,” Michael D. Brown, president and CEO of Travel + Leisure Co., said in a statement “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.
“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.