“Wyndham To Buy Vacation-Rental Company ResortQuest For $56 Million” plus 1 more |
| Wyndham To Buy Vacation-Rental Company ResortQuest For $56 Million Posted: 22 Sep 2010 07:49 AM PDT Wyndham Worldwide Corp. (WYN) said it has agreed to acquire ResortQuest, a renter of vacation homes owned by private individuals, for $56 million in a deal it said will make it the world's largest provider of such services. Wyndham has been building its business in the so-called vacation rental market, acquiring at least 30 European brands in the sector since 2000. It said the acquisition of ResortQuest, with access to major ski, beach and golf destinations in the U.S., boosts its stable of vacation homes to more than 85,000 in 100 countries. ResortQuest would be integrated into Wyndham's vacation exchange and rentals segment, a strong unit in recent quarters. The deal is expected to close by the third quarter. The acquisition comes as the broader hotel industry has seen demand strengthen in recent quarters as corporate travel and overseas demand returns. A number of hotel operators turned in better-than-expected results for the latest quarter. Wyndham in July reported second-quarter earnings rose 34%, beating analysts' views. The company has been in expansion mode lately, announcing Tuesday a licensing deal with Planet Hollywood Resorts International LLC to franchise and manage Planet Hollywood-branded hotels globally. Shares closed Tuesday at $28.27 and were inactive premarket. The stock has gained 40% so far this year. Copyright © 2010 Dow Jones Newswires This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php | |||
| Wyndham Worldwide to Acquire ResortQuest Posted: 22 Sep 2010 07:18 AM PDT |  22 September 2010 Leader in European Vacation Rentals Enters U.S. Market
Parsippany, NJ -- Wyndham Worldwide (NYSE:WYN) today announced that its Exchange & Rentals business unit, the worldwide leader in vacation exchange and European leader in vacation rentals, has agreed to acquire ResortQuest, a leading provider in full-service vacation rentals in the U.S. The acquisition price is approximately $56 million (USD), subject to adjustments. The all-cash transaction is anticipated to close by the end of the third quarter, subject to satisfaction of customary closing conditions. With this acquisition, Wyndham Worldwide becomes the world's largest fullservice vacation rental business, providing access to more than 85,000 vacation properties in approximately 100 countries. ResortQuest will provide a strong platform for the Company's expansion into the U.S. serviced vacation rentals market. "Since 2000, we have successfully acquired at least 30 European rental brands, creating what today represents the leading serviced rentals business in Europe, with 2009 revenues of $460 million. Building upon this success, the acquisition of ResortQuest gives us a unique opportunity to build a sizable growth platform in the U.S. rentals market, a $10 billion industry that currently lacks a significant player," said Stephen P. Holmes, chairman and CEO, Wyndham Worldwide. "On a broader level, this acquisition is another step forward in our strategy to deploy a portion of our free cash flow to supplement organic growth with opportunistic acquisitions of fee-for-service businesses, achieving higher growth and greater free cash flow." "We are delighted to welcome ResortQuest into our distinct vacation rentals business. Together we will expand our efforts to provide superior rental distribution services to consumers, as well as provide second homeowners the opportunity to rent their properties through a trusted source and wellknown brand," said Geoff Ballotti, president and CEO, Wyndham Exchange & Rentals. "ResortQuest is a highly successful, established and well-known U.S. vacation rental brand in major ski, beach and golf destination markets. From the ski slopes of Park City, Breckenridge and Steamboat, to the beaches of the Carolinas and the Florida Gulf Coast – ResortQuest will enhance Wyndham's existing rental brands in terms of upscale product offering and excellent customer service. ResortQuest's growing presence across North America combined with our market leadership in Europe enables Wyndham to provide vacationers with the broadest choice of hand-selected, inspected and serviced vacation rental experiences – all backed by the quality, standards and customer service of Wyndham Worldwide, one of the most trusted names in hospitality today." "We are very excited about the competitive advantage that joining the Wyndham family will bring in providing additional distribution and marketing services to our homeowners, increased benefits to our employees, and superior marketing in the United States," said Park Brady, CEO, ResortQuest. "ResortQuest's goal has always been to provide vacation rental customers with the best choices wherever they want to travel and we are glad to continue our mission to build on the quality vacation rentals we offer customers as part of one of the largest and most global companies in the serviced vacation rental market." Wyndham Worldwide retained Kirkland & Ellis for corporate legal services related to this transaction. About Wyndham Exchange & Rentals About ResortQuest About Wyndham Worldwide Phone: (973) 753-6212 Email: Julie.tenney@rci.com  Wyndham Hotel Groupwww.wyndhamworldwide.com/ 1 Sylvan Way USA - Parsippany, NJ 07054 All Articles from Wyndham Hotel Group
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