Travel + Leisure To Acquire 23 US Resorts For $343M

Expanding Scale In Challenging Development Markets

Travel + Leisure Co. is doubling down on growth by scooping up 23 more resorts, as first reported by Bisnow. The Orlando-based hospitality firm closed on the acquisition of Yes& Vacations and is poised to complete its Spinnaker Resorts purchase in Q3 2026.

This move pushes its global holdings well above its prior 280-resort tally, targeting high-barrier-to-entry vacation markets. The deals come as new resort developments face constraints in destinations like Maui and Hilton Head, prompting operators to buy existing properties instead of building new ones.

Per Bisnow, the deals reflect a continued pattern of active capital allocation in hospitality as supply growth slows in coveted leisure corridors.

Investors are responding to construction and entitlement hurdles by turning to M&A instead of greenfield projects, especially where demand for branded resort inventory outpaces what is physically possible to build.

The Details

Travel + Leisure will pay a combined $343M for Yes& Vacations and Spinnaker Resorts. The company will fund the deals with cash and existing debt capacity.

The acquisitions add resorts across several high-demand leisure markets. Yes& contributes seven resorts in Maui and a Las Vegas Strip property with island-inspired branding. Spinnaker adds six resorts in Hilton Head.

The Spinnaker portfolio also includes hotels in Branson, Missouri, Ormond Beach, Florida, and Williamsburg, Virginia.

Travel + Leisure expects the 23 properties to generate $50M in annual adjusted EBITDA. The deals strengthen earnings without the costs tied to new development projects.

CFO Erik Hoag said the acquisitions support returns while preserving capital flexibility.

Pursuing Growth Amid Development Headwinds

Travel + Leisure’s strategy reflects a broader hospitality trend. Operators and REITs increasingly favor acquisitions over new construction.

Labor expenses, insurance costs, and entitlement risks continue to pressure development economics. CBRE’s 2025 Hospitality Outlook highlights those growing challenges.

At the same time, resort supply growth trails demand in destinations such as Hawaii and the Carolinas. Existing assets have therefore become more valuable.

The acquisitions significantly expand Travel + Leisure’s presence in Maui and Hilton Head. Regulatory restrictions and geographic limits make new construction difficult in both markets.

Meanwhile, resorts in Las Vegas and Branson broaden the company’s offerings. The wider footprint also supports steadier year-round demand. That strategy mirrors stronger hotel performance in several major US cities, where travel demand continues to exceed expectations.

Why It Matters

Acquisition-driven growth has become a preferred strategy in US hospitality. The trend is strongest among operators targeting mature leisure destinations.

By adding 23 properties in Maui and Hilton Head, Travel + Leisure gains inventory competitors cannot easily replicate. New entrants face exceptionally high barriers in both markets.

CBRE data from 2025 shows branded resort supply in these regions grew less than 2% annually. That pace remains well below historical US hospitality growth rates.

The deals also align with investor demand for asset-light, fee-generating business models. Management expects the acquisitions to contribute $50M in annual adjusted EBITDA.

That earnings growth comes with limited incremental risk. By contrast, developers continue to face rising costs and lengthy approval timelines.

Strategic acquisitions will likely remain a major growth driver across hospitality. Scale now matters as much as location quality.

These deals also improve Travel + Leisure’s position with travel platforms, loyalty programs, and marketing partners. They signal that professional operators can still scale profitably as the cycle matures.

What’s Next

Travel + Leisure expects to close the Spinnaker Resorts acquisition during Q3 2026. The transaction will add 11 more resorts to the company’s portfolio.

Investors will next focus on the July 22 earnings call. Management will likely share integration plans and updated financial expectations.

Public markets continue to reward scale and diversified inventory. As a result, further consolidation across hospitality appears likely.

Operators will keep pursuing growth in markets where new construction remains difficult. Travel + Leisure’s stock rose 2.52% following the announcement.

The market response suggests investors expect additional upside from strategic acquisitions during this cycle.