News for the Hospitality Executive
Worldwide Aquires Vespa Capital's James Villa Holidays for $77 million
PARSIPPANY, N.J., December, 2010 -- Wyndham Worldwide (NYSE: WYN) today announced that its Exchange & Rentals business unit, the worldwide leader in vacation exchange and the world's largest full-service vacation rentals business, has acquired James Villa Holidays from the private equity fund Vespa Capital. James Villa Holidays has a strong presence across the Mediterranean villa holiday market offering accommodations along with other travel services and products to the UK market. The acquisition price is approximately $77 million, subject to adjustments.
With this acquisition, Wyndham's Vacation Rentals business further expands the scale and scope of its vacation rental program in France, Spain, Portugal, Italy, Greece, Cyprus and Malta. James Villa Holidays' inclusion into the Wyndham Vacation Rentals portfolio also will create a strong position to expand across further Mediterranean countries and provide additional travel options and benefits for consumers and villa owners alike.
"The acquisition of James Villa Holidays is consistent with our strategy to invest in fee-for-service businesses and represents another step forward in our strategic plan to grow our presence and leadership position within the global vacation rentals market," said Stephen P. Holmes, chairman and CEO, Wyndham Worldwide. "We continue to see the value of and invest in opportunistic acquisitions that support our growth and returns targets and thus optimize our capital deployment."
"We are absolutely thrilled to welcome James Villa Holidays into our growing vacation rentals business. James is an exceptionally strong, trusted and high-profile vacation brand with a fantastic team of professionals who we welcome to Wyndham Worldwide," said Geoff Ballotti, president and CEO, Wyndham Exchange & Rentals. "With more than 50 destinations and approximately 2,300 villas and unique properties across the Mediterranean and Balearic vacation hot-spots, James offers hand-picked and inspected properties, along with air travel, car hire and other travel services. James presents us with a strong addition to our global rental platform, bringing exciting new destinations and upscale lodging offerings."
"We are very excited to join our efforts with such a trusted, successful and reputable organization as Wyndham," added Tony Wheble, CEO, James Villa Holidays. "James Villa Holidays' mission has been focused on providing customers the best-of-the-best holiday destination options and the necessary tools to make the planning process as simple and seamless as possible. Together with Wyndham, we look forward to continuing this mission of assuring customers a holiday they can 'book with confidence' and that they're protected every step of the way to the vacation of their dreams."
Wyndham Worldwide retained Kirkland & Ellis for corporate legal services related to this transaction.
About Wyndham Exchange & Rentals
Wyndham Exchange & Rentals, part of the Wyndham Worldwide family of companies (NYSE: WYN), is the worldwide leader in vacation exchange and the world's largest full-service vacation rentals business, providing access to more than 85,000 vacation properties in approximately 100 countries. The vacation exchange business includes RCI, the worldwide leader in vacation exchange and provider of travel services to businesses and consumers, and The Registry Collection® program, the world's largest luxury exchange program. The vacation rentals business includes Hoseasons, cottages4you, Novasol®, Cuendet®, Landal GreenParks®, ResortQuest®, Endless Vacation Rentals® and other renowned vacation rental brands through which vacationers can rent a variety of property types, from city apartments to villas. Wyndham Worldwide Corporation is one of the world's largest hospitality companies with leading brands in lodging franchising, vacation ownership, vacation rentals and vacation exchange. For additional information visit our media center.
About James Villa Holidays
Established in 1984, James Villa Holidays is the leading specialist villa tour operator in the UK, offering handpicked, quality accommodation across more than 50 destinations at affordable prices. With a portfolio of approximately 2,300 villas and a one-stop-shop offering for customers wishing to book all elements of their holiday, the business prides itself on having a dedicated and specialized team to offer customers the service expected from a full-service holiday company.
About Wyndham Worldwide
As one of the world's largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses approximately 7,150 franchised hotels and approximately 605,700 hotel rooms worldwide. Wyndham Exchange & Rentals offers leisure travelers, including its 3.8 million members, access to over 85,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of over 155 vacation ownership resorts serving over 820,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 25,000 employees globally.
For more information about Wyndham Worldwide, please visit the Company's website at www.wyndhamworldwide.com.
About Vespa Capital
Vespa Capital is a private equity firm that invests in businesses in the UK and France. Entirely funded by entrepreneurs and its investing team, it partners with strong management teams and helps them acquire and develop the businesses they run. The firm's partnership approach, longer term perspective and commercial and international network supports portfolio companies to deliver enhanced shareholder value growth. More details can be found at www.vespacapital.com, or for further information please contact Nigel Hammond on 020 7812 7145 or email@example.com.
Wyndham Exchange & Rentals
Investor Contact: Margo C. Happer
Senior Vice President, Investor Relations
Wyndham Worldwide Corporation, +1-973-753-6472 Margo.firstname.lastname@example.org
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