Wyndham Worldwide's Exchange & Rentals business
unit has agreed to acquire ResortQuest, a leading provider in
full-service vacation rentals in the U.S.
The acquisition price is
approximately US$56 million, 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
one of the world’s largest full service vacation rental businesses,
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.”
Geoff Ballotti, president and CEO, Wyndham Exchange & Rentals,
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
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