Platinum Equity Completes Acquisition of European Vacation Rentals Business from Wyndham Worldwide

This past May, the quoted Wyndham Worldwide company holding has completed the sales of its European vacation rentals business to an affiliate of Platinum Equity, a Beverly Hills/CA-based private equity firm.

The value of the transaction, including more than 24 local brands such as Landal GreenParks (with 85 holiday parks currently in operation, 54 of which are located in the Netherlands, cf. EAP, 6/17), amounts to some 1.1 billion Euros (1.3 billion US Dollar). Furthermore, Platinum Equity entered into a 20-year agreement under which it will pay a royalty fee of one percent of net revenue to Wyndham’s hotel business for the right to use the “by Wyndham Vacation Rentals®” endorser brand. Wyndham Worldwide intends to use the net proceeds from the sale primarily to reduce its existing indebtedness. (eap)