BUSINESS AND OVERVIEW
We are a global provider of hospitality services and travel products and operate
our business in the following two segments:
•Vacation Ownership - develops, markets and sells vacation ownership interests ("VOIs") to individual consumers, provides consumer financing in connection with the sale of VOIs, and provides property management services at resorts.
•Travel and Membership – operates a variety of travel businesses, including
three vacation exchange brands, a home exchange network, travel technology
platforms, travel memberships, and direct-to-consumer rentals.
Travel + Leisure Brand Acquisition
January 5, 2021, Wyndham Destinations, Inc.acquired the Travel + Leisure brand and related assets from Meredith Corporation ("Meredith") for $100 million, of which $55 millionwas paid during 2021. The remaining payments are to be completed by June 2024. This acquisition included Travel + Leisure branded travel clubs and members. We acquired the Travel + Leisure brand to accelerate our strategic plan to broaden our reach with the launch of new travel services, expand our membership travel business, and amplify the global visibility of our leisure travel products. Meredith will continue to operate and monetize Travel + Leisure branded multi-platform media assets across multiple channels under a 30-year royalty-free, renewable licensing relationship. In connection with this acquisition, on February 17, 2021, Wyndham Destinations, Inc.was renamed Travel + Leisure Co.and continues to trade on the New York Stock Exchangeunder the new ticker symbol TNL. In connection with the Travel + Leisure brand acquisition we updated the names and composition of our reportable segments to better align with how they are managed. We created the Travel + Leisure Groupwhich falls under the Travel and Membership segment along with the Panorama business line. With the formation of the Travel + Leisure Group, we decided that the operations of our Extra Holidays business, which focuses on direct-to-consumer bookings, better aligns with the operations of this new business line and therefore transitioned the management of our Extra Holidays business to the Travel and Membership segment. As such, we reclassified the results of our Extra Holidays business, which were