Wyndham Destinations Asia Pacific: Acquisition and appraisal of Resort Frontier Co. Ltd. and Management of Sundance Resort Club Japan

On July 8, 2019, Barry Robinson, president and managing director of International Operations for Wyndham Destinations Asia Pacific (Wyndham Destinations AP), and Liam Crawley, chief financial officer, were in receipt of a report provided by law firm Baker McKenzie’s Corporate Mergers and Acquisitions team. Wyndham Destinations AP was in the process of acquiring the privately held Resort Frontier Co. Ltd. (Resort Frontier), the management company for Sundance Resort Club Japan (Sundance). Through an affiliated corporate entity, Wyndham Destinations AP would also acquire all the forfeited and unsold points of Sundance. This acquisition would represent the vacation ownership and exchange company’s first foray into the Japanese market. In closing this deal, Wyndham Destinations AP would add sixteen Japanese properties to its existing management portfolio of fifty-three properties across Australia, New Zealand, Fiji, Indonesia, Thailand, Hawaii, and Europe. Crawley and his team would need to undertake comprehensive external and internal financial analyses and discounted cash flow (DCF) analysis of Sundance and multiples valuations using comparable firms to help Robinson determine a fair offer price.