Wyndham Worldwide Corporation has entered into a definitive agreement for the sale of its European vacation rental business to Platinum Equity for approximately $1.3 billion.
In conjunction with the sale, the European vacation rental business has entered into a 20-year agreement under which it will pay a royalty fee of one per cent of net revenue to Wyndham’s hotel business for the right to use the by Wyndham Vacation Rentals endorser brand. The European vacation rentals operations will also participate as a redemption partner in the award-winning Wyndham Rewards loyalty programme.
Wyndham’s industry-leading European vacation rental business is the largest manager of holiday rentals in Europe, with more than 110,000 units in over 600 destinations in more than 25 countries.
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Wyndham sells off European vacation rental business