In 2018, Wyndham Worldwide Corporation underwent a major restructuring that resulted in the creation of two separate, publicly-traded companies. Wyndham Destinations was formed as the new vacation ownership and exchange company, while Wyndham Hotels & Resorts was established as a hotel franchising and management business.
As part of this restructuring, Wyndham Vacation Rentals – which had been a subsidiary of Wyndham Worldwide – was sold to private equity firm Platinum Equity for $1.3 billion. The sale included more than 9,000 rental properties across Europe, North America, and Latin America.
Wyndham Vacation Rentals had been a major player in the vacation rental industry for many years, operating under various brand names such as ResortQuest and James Villa Holidays. The company offered a wide range of rental properties including condos, villas, cabins, and beach houses.
Despite its size and reach, however, the vacation rental industry has become increasingly competitive in recent years due to the rise of online booking platforms such as Airbnb and HomeAway. These companies have disrupted the traditional model of vacation rentals by allowing individual property owners to list their homes directly online.
In addition to increased competition from new players in the market, Wyndham Vacation Rentals faced other challenges as well. For example, the company had struggled with integration issues following its acquisition of ResortQuest in 2007. Additionally, there were concerns about the company’s ability to keep up with technological advancements in the industry.
Ultimately, it was decided that selling off Wyndham Vacation Rentals would allow Wyndham Worldwide to focus on its core businesses while also providing an opportunity for Platinum Equity to invest in and grow the vacation rental industry.
Since being acquired by Platinum Equity in 2018, Wyndham Vacation Rentals has continued to operate under various brand names such as Dwellable and VaycayHero. The company has also made efforts to modernize its operations and improve its online presence in order to compete more effectively with other players in the market.
Despite the challenges faced by Wyndham Vacation Rentals and the vacation rental industry as a whole, it remains a popular choice for travelers seeking a home-away-from-home experience. With continued investment and innovation, it is likely that the industry will continue to evolve and thrive in the years to come.