Wyndham Worldwide Corp. has announced the definitive agreement for the sale of its European vacation rental business, around 110,000 units in over 600 destinations in more than 25 countries across more than two dozen local brands, including cottages.com, James Villa Holidays, Landal GreenParks, Novasol and Hoseasons, to global private equity firm Platinum Equity.

The transaction, worth approximately US$1.3 billion, is expected to close during the first half of 2018. Wyndham will also receive ongoing 1% royalty fees for 20 years, for continuing use of its brand. It was previously reported that Airbnb was a suitor for the business.

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