Despite the number of owners trying to get out of their timeshares every year and the negative perception of owners with such properties, this industry still remains resilient. As a matter of fact, some timeshare companies today are expanding their operations. One of these is the Wyndham Worldwide which recently 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 US.
The acquisition price is approximately $56 million (USD) which is subject to adjustments. With this acquisition, Wyndham Worldwide becomes the world’s largest full service vacation rental business. It currently provides access to more than 85,000 vacation properties in approximately 100 countries. Meanwhile, ResortQuest will provide a strong platform for the Company’s expansion into the US serviced vacation rentals market.
According to Stephen P. Holmes, chairman and CEO of Wyndham Worldwide, since 2000, they 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. He added that building upon this success, the acquisition of ResortQuest gives us a unique opportunity to build a sizable growth platform in the US rentals market, a $10 billion industry that currently lacks a significant player.
According to Park Brady, CEO of ResortQuest, they are very excited about the competitive advantage that joining the Wyndham family will bring in providing additional distribution and marketing services to their homeowners, increased benefits to their employees, and superior marketing in the US. He added that ResortQuest’s goal has always been to provide vacation rental customers with the best choices wherever they want to travel and they are glad to continue their mission to build on the quality vacation rentals they offer customers as part of one of the largest and most global companies in the serviced vacation rental market.