Travel + Leisure is a leisure travel company built around two businesses: vacation ownership (timeshare) and vacation exchange/travel clubs. The core business is vacation ownership, which accounts for roughly 80% of revenue. Travel + Leisure develops, sells, and finances timeshare interests under several brands, primarily Club Wyndham and WorldMark by Wyndham, operating more than 280 resorts and serving roughly 797,000 owner families. Owners purchase a points-based entitlement — a Vacation Ownership Interest (VOI) — that allows them to book stays across the resort network with flexibility on location, unit type, and timing. Travel + Leisure sells VOIs through resort-based sales centers, telesales, and virtual programs, with upgrades to existing owners representing 72% of VOI sales. The company finances roughly half of all VOI purchases through its own lending operation, earning interest income on a ~$3B loan portfolio funded via asset-backed securitization. Travel + Leisure also earns recurring property management fees from homeowners' associations at its resorts. The second segment, Travel and Membership, includes RCI — the world's largest vacation exchange network with 3.3M member families and 3,600 affiliated resorts globally — plus travel clubs that sell discounted third-party travel inventory to closed user groups. Travel + Leisure is pursuing a multi-brand expansion strategy, adding lifestyle-oriented brands including Margaritaville Vacation Club, Accor Vacation Club, Sports Illustrated Resorts, and Eddie Bauer Adventure Club to broaden its customer base beyond the mature core brands. The company returns the majority of its free cash flow to shareholders through buybacks and dividends.