Travel + Leisure Co.(NYSE:TNL), the world’s leading membership and leisure travel company, announced an agreement to acquire the vacation ownership business of global hospitality giant Accor (AC:FP) for US$48.4 million. The acquisition is expected to close in the first quarter of 2024 and to be immediately accretive to Travel + Leisure Co. earnings upon completion.

Under the terms of the deal, Travel + Leisure Co. will acquire Accor’s vacation ownership business, Accor Vacation Club, representing 24 resorts and nearly 30,000 members. Accor is the largest international hotel chain in the Asia Pacific with more than 1,600 hotels in operation, giving the brand a distinct advantage in its recognition across the world’s most populous region. Accor will receive a percentage of vacation ownership sales revenue as a licensing fee under the exclusive licensing agreement.

Travel + Leisure Co. also receives the exclusive rights to develop new vacation ownership clubs and products utilising the Accor Vacation Club brand across a region including Asia Pacific, Middle East, Africa and Turkey.

Upon deal closing, the Accor Vacation Club business line will report into Barry Robinson, President and Managing Director of International Operations for Travel + Leisure Co., based in the company’s Singapore office. “We are excited about building on the legacy of Accor Vacation Club, which has been a recognised and respected presence in the region for more than 20 years,” Robinson said. “We are a partner of choice for leading hospitality brands because we are able to individually curate their brands and maintain their unique offerings to travellers. Utilising our experience and the scale of our global platform, we will be able to accelerate the growth of this vacation club business by delivering outstanding vacation experiences for current and future members.”

The acquisition will create a new line of business for Travel + Leisure Co. as Accor is added to the company’s portfolio of brand affiliations, including Wyndham, Margaritaville, and Sports Illustrated. The addition of Accor Vacation Club to the Travel + Leisure Co. international portfolio increases its membership to more than 100,000 in the Asia Pacific region and grows its club resort count by approximately 40 percent to 77.

The Accor Vacation Club resorts are distributed across Australia, New Zealand and Indonesia under Accor brands Peppers, MGallery, Grand Mercure, The Sebel, Novotel, Mantra and Mercure in locations including tropical Nusa Dua in Bali, Indonesia, magnificent Darling Harbour in Sydney, Australia, and the capital of South Pacific adventure tourism, Queenstown in New Zealand.

Duncan O’Rourke, Chief Executive Officer Accor MEA APAC – Premium, Midscale and Economy Division, said the agreement highlights Accor’s ongoing business evolution. “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,” said O’Rourke. “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.”