Further to the suspected purchase of Wyndhams Rental arm of their company by Airbnb that we reported on in January, it has been confirmed that the holiday rental part of the conglomerate has instead been purchased by Platinum Equity, a private equity company, for 1.3 Billion dollars.
There have been several companies that were rumoured as interested in the purchase, but this bid from Platinum won the secured purchase. There was also a clause in the purchase that has agreed to a royalty payment of 1% for a further 20 years for the use of ‘by Wyndham Vacation Rentals’ seal of approval.
The Wyndham Vacation Rental part of Wyndham has over 24 brands and states that it is the largest holiday management company in Europe. The new purchaser, Platinum Equity, is looking forward to moving ahead with the purchase and working with Wyndhams Management team to make sure that the takeover is as smooth as it can possibly go. Louis Samson, partner at Platinum Equity, also says that there will be further buyouts in this sector. Which will increase their portfolio of companies and increase their growth structure. This seems to be an exciting time for Wyndham Vacation Rentals, their managing director, Geoff Cowley, has welcomed this change by saying;
“WVR UK is proud to have been part of the Wyndham family. At the same time, we are excited to move to Platinum Equity ownership on successful completion of the sale”
Meanwhile, in the Wyndham Hotel Group, a former RCI employee for 27 years, has been appointed as the new Vice President of the group. He has 27 years under his belt working at RCI, with this experience Maniki expects to ‘strengthen the operations and footprint of Wyndham Hotel Group’.
Wyndham has certainly seen a lot of changes in the past year, and is looking forward to it’s growth in the Hotel Sector, as this will be their main focus along with the Timeshare facilities that they own.
Posted on: February 19, 2018
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