Wyndham Worldwide Corp. is reportedly closing in on a $1B deal to sell its European vacation-rentals business to private equity firm Platinum Equity Partners.
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Blackstone Group, CVC Capital Partners and PAI Partners were also said to be vying for Wyndham's European business, which encompasses an estimated 45,000 vacation properties such as home rentals, chalets and campsites in the Netherlands, Germany and Denmark, among other countries, according to the Wall Street Journal.
The transaction is part of Wyndham’s strategy to spin off its hotel and timeshare businesses in order to focus more readily on its lodging sector and future acquisitions, the WSJ reports.
Wyndham also recently acquired La Quinta’s hotel franchise and hotel management business for $1.95B. The deal was part of its push to increase its upper-midscale segment.
The Platinum deal could be finalized as early as Feb. 9.
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