Wyndham Destinations Incorporated is an American timeshare establishment that has its Headquarters in Orlando, Florida. It is an establishment that develops, sells, and manages timeshare properties and provides timeshare exchange services. It is also into Vacation rentals and its Vacation Club. Wyndham Vacation Clubs is the largest vacation purchase and ownership program globally, with more than 25,000 800,000 property owners.
First of all, what is a timeshare? A timeshare can be defined as a property with a divided form of ownership or use rights. This means that more than one person has ownership over the property, and each person is usually allotted a specific time in which the property is his/hers for use. The separate owners usually equally share the cost of the property and also the cost of its maintenance. This type of ownership is usually most popular with vacation homes. This terminology was first invented in the United Kingdom in the 1960s where European families would come together to purchase a home, and each isgiven a season with which they could live.
Travel + Leisure is a travel magazine based in the United States, New York, to be precise. It is a magazine that has a customer reach of more than 4.8 million people, and its magazines are usually published 12 times a year (i.e., monthly). The magazine usually specializes in leisure travel, and in its magazines are poems, art, and journalistic articles written by poets, artists and designers, and non-journey journalists.
As of January 2021, Wyndham destinations broadcast that they had reached an agreement and, in actuality, purchased and acquired the entire imprint, which is Travel + Leisure, from its owner, Meredith Corporation, in a deal which is to be worth $100 million. The deal also includes some details which were released, some of which are:
- That from the $100 million, $35 million would be in cash at the time of the acquisition, and the rest of the payments would be paid to installmentally and would be paid off by June 2024.
- The Travel + Leisure will continue to maintain its repertoire of imprints and commodities, and Wyndham Destinations will now serve as an umbrella corporation for the Travel + Leisure imprint.
- The Travel + Leisure Corporation will license its imprint to Meredith Corporations. The Meredith Corporation will use it to continue to make an income from the Travel + leisure medium for 30 years.
- All Travel + Leisure staff will remain but will now work for the Meredith Corporation.
The deal was done in its bid to quicken its plan to spread further and broaden the Meredith Corporation’s reach and also to expand its membership journey business, and increase the scope and radius of its holiday journey commodities.