Why Travel+Leisure hangs on the top half of the ‘K’
Why Travel+Leisure hangs on the top half of the ‘K’
CEO Michael Brown talks about why it’s a great time to be a multi-brand vacation ownership company and the latest on Sports Illustrated Resorts.
Michael Brown is president and CEO of Orlando, Florida-based Travel + Leisure Co. (Travel + Leisure)
https://www.hotelinvestmenttoday.com/Hotels-Segments/Timeshare-Vacation-Ownership/Why-Travel-Leisure-hangs-on-the-top-half-of-the-K?
ORLANDO, Florida — It’s a great time to have your business situated in the “upper leg” of a K-shaped economy, so it’s a great time in general for the vacation ownership business.
“2025 was a strong year. We all know about the revenge travel in 2022 and we came off of that, and people thought we were moving back to just everything being stable,” said Michael Brown, president and CEO of Orlando, Florida-based Travel + Leisure Co. “But 2025 proved that consumer demand remains strong. Our company performed extremely well throughout 2025, and it’s even coming through in 2026, which is especially important given the macro conversation around the K-shaped economy.
“Our performance has really brushed all of that aside and it’s as if everything in the macro environment is falling in place, because on a micro company-wise, we really are performing at the top end of everything we’re doing at the moment.”
Travel + Leisure has made a number of notable M&A moves and partnerships over the past few years, including a $48.4 million acquisition of the Accor Vacation Club business in 2024, and partnerships with brands like Sports Illustrated, Margaritaville and Eddie Bauer. Hotel Investment Today talked to Brown after the company’s fourth-quarter earnings, when it reported net revenue year-over-year increases of 6% for Q4 and 4% for full-year 2025.
Brown said the company has clearly positioned itself in that “upper leg” of the K-shaped economy by steadily moving its customers’ demographics up (both average household income and FICO scores have increased).
“We’re not playing in the budget space,” he said, noting that’s primarily because of how T+L has positioned itself, but because of the nature of the vacation ownership business. “I strongly believe that the nature of vacation ownership is… when there’s an affordability issue, they say, ‘I’ve already paid for my ownership. So, why wouldn’t I go on vacation?’”
As the quality of T+L’s consumers has improved, Brown said their preferences have moved in positive directions as well.
“The length of stay has definitely stayed up post-COVID. It went up initially, and it’s stayed there,” he said. “We haven’t seen any meaningful move on drive-to versus fly-to, which says that our consumers are not changing their behavior, which means they’re not feeling the stress that maybe others might be.”
Expanding partnerships
Brown said T+L is definitely leaning into the vacation ownership model for Sports Illustrated Resorts, with its first Nashville property scheduled to open in the coming months, followed by its Chicago property, which will open in Q3. But he also said the company is being flexible in its approach and will let the customer guide where it eventually heads.
“What we are seeing is there’s hotel components and there’s full-ownership condos,” he said. “As we get the first one up and being sold, we’ll start to see which one has the greater demand and then it’s like with everything, optionality is critical… We try to give ourselves maximum flexibility and with Sports Illustrated resorts, depending on consumer demand, we can push toward vacation ownership, hotels or condos or a combination of all three.”
Another key component to T+L’s acquisition of Accor Vacation Club and its desire to continue with the partnership is the thesis that a multi-brand business is the future of the vacation ownership space. Brown said that the thesis is proving out and noted during Q4 earnings that the company is already nearing 10% of its sales going to brands that were not core to its business, up from $50 million three years ago to $200 million in 2025.
“Moving to this multi-brand approach, it just puts a lot more doors in front of us that we’re able to walk through and have conversations in and see if we can make a partnership work. Some work, some don’t,” he said, noting that it also includes looking for new partnerships as well. “We’re very focused on it. Lifestyle purchases usually yield much better results than those of someone with no affiliation with a brand or partner. It’s very important to do things through partnerships so that we tie in new marketing opportunities, but also to tie into owner activities.”
One of the newest partnerships is with the Eddie Bauer Adventure Club, an outdoor-focused brand that launched last summer. Brown said T+L was able to quickly convert an existing resort in Moab, Utah and that sales so far have been very well received. He said the partnership is a great example of not specifically picking a brand to partner with, but rather finding a sector it wanted to expand into.
“If you were to ask someone two years ago, ‘Do you want to be with Eddie Bauer?’ I would not have said, ‘Oh, Eddie Bauer is a specific brand I need to be with,’ but I would have said, ‘I want to be in the outdoor space,’ he said.
So, what other sectors would T+L love to expand into? Brown pointed to the water.
“We’d love to be closer to cruise companies. We’re already connected with the Margaritaville cruises. We started that this past year,” he said. “We are on the top side of the K-shaped economy, but I think we can be more present in the luxury space and we would love to be in that space at some point in the future.
“There are a lot of different ways you can go there, but they’re almost too many to enumerate. Something that floats would be great, and something on the higher end would be super as well.”
The more T+L successfully expands its multi-brand business, the easier it becomes to lure other brands into partnerships, Brown said.
“What we’re trying to prove out to people, and we’re doing it so far, is that our skill set is not a mono brand, it’s our ability to execute an overall leisure travel strategy for someone else’s brand,” he said. “Now that we’ve moved along with Accor, Sports Illustrated, Eddie Bauer and Margaritaville, I think more and more people will start to come our way and say, ‘We’re willing to allow you to be our brand steward and grow our brand’s presence and customer base.’”
So where else would T+L like to be geographically?
“I don’t think we have nearly enough presence in Texas. We would love to be there. There are some beach locations anywhere on the southeast of the United States that are a winner,” he said, noting that the company would like to expand its presence in Mexico as well as in college campuses through SI Resorts (the first one is being built in Tuscaloosa at the University of Alabama).
Banff’s Stunning Views Hide a Deeper Story
Jmatkins/iStock
https://www.fodors.com/world/north-america/canada/alberta/banff-national-park/experiences/news/banffs-stunning-views-hide-a-deeper-story
Traveling through Banff with Indigenous guides offers a deeper understanding of the land, its history, and living traditions—revealing stories often missed by conventional tourism.
The beauty of the Canadian Rockies permeates everywhere you turn in Banff. In October, after the rush of summer visitors has passed and the town anticipates the snow season, the snow-dusted mountain ridges rise above the relatively mild temperatures on ground level and are visible everywhere you turn.
Established in 1885, Banff National Park is Canada’s first national park. The construction of the Canadian Pacific Railway across Canada, as well as the encounter of sulphurous hot springs near the present-day town of Banff, motivated the establishment of the park and the rush of wellness tourism that followed. The châteauesque Banff Springs Hotel—later rebranded as Fairmont Banff Springs Hotel—was built near the confluence of Bow and Spray Rivers, attracting wealthy travelers from across the continent.
But before Banff was Banff, the area was Mînî hrpa, or “Mountain Where The Water Falls,” for the Stoney Nakoda peoples who lived in the area for thousands of years. In his landmark book, These mountains are our sacred places: the story of the Stoney Indians, John Snow, the former Chief of the Stoney Nakoda Nation, described a vast and beautiful land rich with resources, through which the people moved and lived freely.
“In the days prior to the coming of the whiteman, we lived a nomadic way of life, hunting, fishing, and gathering from the abundance of this good land,” he wrote. “There were literally millions of buffalo roaming on the western prairies, along the foothills, and even into the Rocky Mountains themselves.”
But the arrival of the Europeans in North America changed the landscape of the Rockies forever, as well as the livelihoods of those occupying them. The Stoney Nakoda guided the first European visitors through the region and engaged in trade; but the subsequent history of colonialism, displacement, and abuse pushed the Stoney people to the fringes of their own land. By the late 19th century, the population of buffalo—or more accurately, the American bison—became decimated by colonial expansion, overhunting, disease, and the introduction of domesticated European animals. The consequent ban on buffalo hunting was a critical blow to the livelihoods of many First Nations that relied on the game for sustenance.
Seeking to understand the layered beauty of Banff with the help of local Indigenous people is a timeworn practice that traces its roots to colonial times. Europeans repeatedly sought the help of local Indigenous people to understand and navigate the new landscape. As Travis Rider, a Knowledge Keeper of the Stoney Nakoda, put it, his people were “born into” tourism: “When your nation is a pioneer—pioneers to tourism, then the members of your nation know how to work with the people that are coming in,” he said. “When your people are exposed to tourism for hundreds of years, then you adapt.”
Despite the historical abuses born from this relationship, seeking the knowledge of Indigenous guides today bears a new meaning, if approached in good faith: an invaluable opportunity to learn and connect with the ancestral knowledge of the land we occupy.
Traditional ceremonies of the Indigenous people are not easily accessible to outsiders. Participating in a tour led by an Indigenous person is a way to witness and participate in them. In a bike tour led by Clare McCann of Bikescape and Heather Black of Buffalo Stone Woman, I was given, for the first time in my life, a sprinkle of tobacco to offer the land. Tobacco was and is continuously used as an offering for communication, connection, and gratitude: One might offer tobacco to ask for advice from an elder; before beginning an important project or reaching a milestone; or to simply express gratitude for the sheer magnanimity of Earth. The fact that she was still here, allowing us to live our lives on her riches, was something to be grateful for.
After the tobacco offering, we threaded the town of Banff and the Bow River on electric bikes, which can be thrilling even on relatively well-paved paths because of the crisp air and the omnipresent mountain scenery. Near the Bow River, we parked our bikes, and I learned about smudging: a ceremony that cleanses the body and spirit. Foraged cedar, sweet pine, sage, and sweet grass were combined into a miniature cast-iron pan and burned to produce smoke. Heather swept the smoke into her eyes, nose, and mouth and offered prayers to see good things, speak good things, and to act against injustice. Then it was my turn: In Korean culture, which I am a part of, connecting with our ancestors is a culturally significant practice. Heather encouraged me to do just that, while I swept the smoke towards my body.
Museum-going is a worthwhile way to spend an afternoon or two in the downtown area. The Buffalo Nations Luxton Museum, which highlights the Indigenous cultures of the Rocky Mountains and the Northern Plains, can feel dated in its initial presentation—think dioramas of Indigenous people and taxidermied animals—but its collection of artefacts is genuine and wide-ranging. In addition to objects like traditional beaded jewelry, you can also find fringed guncoats and navel cord amulets used to hold a baby’s navel cord.
Travis Rider, who guided me through the museum, pointed out photographs of his extended family and offered a wealth of knowledge about everything we saw: how feathers were acquired and given for headdresses, the exchange rate of 200 beaver pelts for a single machine gun (we agreed that that seemed like an unfair trade), and everything in between.
As we examined the clothes displayed throughout the museum, Travis pointed out the use of both traditional materials used prior to European contact, as well as contemporary materials introduced by the Europeans. For example, elk teeth threaded onto a shirt was traditional, while ribbons draped around a skirt were contemporary. “I think that’s very important to remember—our ancestors knew how to survive in their world at that point in time,” he said. “It’s always a balancing act between preservation and evolving.”
About a ten-minute drive from the town of Banff are the Cascade Ponds, a glorious, scenic refuge with vistas of Cascade Mountain, Mount Rundle, and Sulphur Mountain. It is also an excellent place to observe the Sleeping Buffalo, commonly known as Tunnel Mountain, whose summit offers a panoramic view of the winding valley below. Smaller than other mountain peaks, it presides over the surrounding area in a form that is reminiscent of a buffalo at rest. I met Jordan Ede, a member of the Cree Nation who also leads tours for Mahikan Trails, here for a walking tour.
“[S]leeping buffalo was seen as a guardian spirit that would protect the land, and the medicines, and the people while they were in the area,” Jordan said. He told me that, in 2016, 15 different Indigenous nations, including the Stoney Nakoda and the Blackfoot, petitioned to officially rename it as Sacred Buffalo Guardian Mountain. The petition is ongoing.
After over a century of absence in the park, wild bison were reintroduced to Banff in 2017. By 2024, the number grew to over 130. In 2024, members of several First Nations took part in a ceremonial harvesting of bison for the first time since the park’s inception, and it was an emotional experience for many.
On the bedrock of this history, it is worthwhile to taste a bison dish in Banff. Almost every restaurant in town offers its own version of the meat, including the relatively secluded Juniper Bistro and Three Bears Brewery & Restaurant, but the most refined version can be found at the Bison Restaurant, where it’s served with a delectable foundation of ricotta cavatelli that cuts through the fattiness of the meat.
As Jordan and I walked through the ponds, he pointed out the plants of the landscape and their traditional uses by the Indigenous peoples: wolf willows, which grow as shrubs with mealy berries and seeds that were used as decorative beads; wild strawberries, whose leaves get rid of excess liquid in the bowels and stop diarrhea; and rose hips, which can be used to produce rose water that helps to heal burns. He told me that, in the Cree language, rose hip translates to “itchy bomb berry”—an example of the language’s descriptive nature. “Something like a mountain or a lake or anything else that’s so much older, larger, and more significant than any one person,” he said, “who has a right to name it, to claim ownership?”
I immediately thought of Mt. Everest, named after George Everest, a British surveyor; then of mountains in the U.S. named after presidents, senators, and military officers. It occurred to me that this kind of naming was an act of taking, whereas descriptive naming had been born out of a need to communicate.
Looping our way back, I watched the late afternoon sun glint across the open valley. It reflected off the ponds in golden flecks and brought the sweeps of dried grass to startling clarity. I imagined a herd of buffalo traveling through this grass and the sublimity of the landscape—both imagined and real—filled me with bliss. I wondered whether those who came before me on this land, thousands of years ago, would’ve felt the same.
The Bow Falls Trail is a well-paved walk around the forest and leads to Bow Falls, a streaming cascade of the river that cuts through its bedrock. It’s practically in the backyard of Fairmont Springs Hotel, which warrants a visit for its castle-like beauty and famed spa, where you can soak your tired body or treat yourself to a massage. The property is a complicated symbol of Banff’s history, but it does make efforts to do its part in the town’s reconciliation with its Indigenous people: Its spa partners with Mother Earth Essentials, a bodycare brand owned by Carrie Armstrong, a descendant of a line of Cree Medicine Women.
The efforts of reconciliation between the Canadian government and the country’s Indigenous peoples are ongoing. Section 35 of the Constitution Act in 1982—which, among other things, recognized the right of its First Nations, Inuit, and Métis people to forage, hunt, and fish for sustenance and ceremony—was a milestone that marked the beginning of the government’s commitment to the process.
Still, reconciliation is a relatively nascent undertaking. The direct and indirect effects of residential schools, where Indigenous children were boarded and abused with the goal of isolating them from their languages, cultures, and religions, are still felt today. The last federally-funded residential school closed in 1997.
Armstrong told Debbie Olsen, a Metis writer, that her knowledge of traditional medicine began with her conversations with her grandmother, who felt that she couldn’t openly share her knowledge due to the fact that two of her daughters had been taken away to a residential school. Healing was a difficult and nonlinear path for most survivors of residential schools: Even after leaving the schools, unresolved trauma often led to coping mechanisms like alcoholism and drug abuse.
There is no one simple solution to generational trauma, and the political, economic, social, and cultural complexities of reconciliation. But while travelers can’t correct the injustices of the land they’re visiting, they can seek out to hear those that were previously unheard, and trust in those who know their land.
As I ambled along the Bow River, I recalled its Blackfoot name, Makhabn, which meant “river where bow reeds grow.” People of several First Nations had used the Douglas Fir trees growing on the banks to craft their bows. I looked down at the thermos full of hot marshmallow root tea that I carried around and applied the same tradition of descriptive naming: tea that soothes my stomach and throat. In this way of seeing, I found greater gratitude for everything I had, and I was happy to have found it in Banff.
Why Your ‘Spicy’ Food Abroad Is Almost Always a Lie
David Kucera/Dreamstime
https://www.fodors.com/news/restaurants/why-your-food-isnt-spicy-enough-when-you-travel-and-how-to-fix-it
Why your food isn’t spicy enough when you travel and what to do about it.
The best bite of food I ate while traveling with my husband in Thailand a couple of months ago was at Samsarn, a Thai/Lao/Burmese restaurant at Anantara Golden Triangle in Northern Thailand. The dish, maenam kong tartine, featured thinly sliced A5 Miyazaki beef, draped over a piece of toasted brioche and topped with a sprinkling of garden herbs. Kaipen, phrik larb, and wild coriander were also part of the dish, and boy, did it make me sweat. The spice level was dialed way up, though in reality, it was probably not nearly as hot as it could have been, since my husband, Steve, and I had met briefly with the chef before ordering to relay our spice tolerance. “Medium,” we said, though, really, Steve is more of a mild-medium guy, and I’m medium-hot. Truthfully, he struggled with the tartine’s spice level, whereas I found it to be one of the rare dishes where I could really feel the heat.
Traveling throughout Thailand, from Bangkok to Koh Yao Yai to Chiang Rai in the north, I was excited for the bold, vibrant flavors of the cuisine. I wanted to feel the burn and cool it down with a sweet, tannic Thai iced tea, so I was disappointed when so many dishes, including traditional Thai dishes like khao sao or green curry, fell flat because of kitchens that proceeded with chili caution. After Steve asked our server to make sure his main course at Samsarn was mild, the kitchen followed suit with my Burmese noodle dish, leaving me with a side of chilies and a very tame bowl of noodles.
Travelers who love spicy food know this frustration too well: you’re in a country where heat is part of the culinary identity… and your dish arrives suspiciously mild. You may be asked about your spice tolerance, but often even hard-core spice lovers can sometimes have a hard time convincing local kitchens that they can take the heat.
Merry White, an anthropologist at Boston University who has focused on Japanese and Chinese gastronomy, said a possible reason for this phenomenon is a “holdover from touristic experiences of the past when it might be assumed Westerners were all Anglo and inexperienced travelers.”
With more travelers on the hunt for the real deal, there are ways to avoid the fate of the inexperienced traveler, however.
Seek Out Street Food
Martina Li, who works as a travel advisor for Ink Voyages, an agency specializing in China trips, said in Chongqing, a city in southwestern China where Shanghai-based Li visits often, it may be a matter of protecting the visiting diners. It may also have something to do with protecting the restaurant, too. Li said waitstaff in Chongqing restaurants almost always ask foreign diners, “Can you eat spicy?” Li said restaurants serving foreign diners who may be unaccustomed to spicy Chinese cuisine are probably looking to avoid dealing with complaints and returned dishes.
On the other hand, Li said travelers would have a hard time avoiding spice when ordering food from street food vendors who will try to steer diners away from “no-spicy” orders, saying something along the lines of, if it’s “not spicy [it] just isn’t tasty!”
Street food snacking is one way to increase your chances of getting the real deal in places where spice reigns supreme in the cuisine, but how else can you find truly authentic local food overseas?
Do Your Own Discovery — and Talk to Locals
Well, for one thing: Never eat at a place that advertises as serving “authentic local food,” said White, who advocates for walking around as much as possible and popping into mom-and-pop places.
“Ask a taxi driver,” she said. This advice is similar to that of asking a local bartender (not the flashy hotel bar that will likely do the same as the concierge at a five-star hotel and lead you to a reputable, yet highly touristed, establishment).
Mumbai-based Sanjay Nair, founder of Safari Lab, said the secret to eating like the locals in India, a region known for eye-wateringly spicy cuisine, is to avoid the fancy white tablecloth restaurants with good lighting. “If the menu has pictures and is translated into three languages, you are at the wrong place.” Like Li, he recommends street food stalls for authentic, local flavors.
Be Honest with Yourself — and the Staff
It may be easier to find nose-pricking spice at a street food stand where the locals have stopped for lunch, but it’s not impossible to treat your palate to a country or region’s traditional spicy fare by dining in the restaurant at the hotel where you’re staying or at a Michelin-recommended spot in Bangkok or Shanghai with menus overtly displaying a graphic of one, two, or three chilies next to a dish’s description.
It’s important to be clear with your intentions and tolerance. Rocky Romruen, co-founder of the recently-opened upscale Thai restaurant Narkara in New York City, said the menu labels next to dishes—mild, medium, hot—help guide guests. The waitstaff will also make suggestions and encourage diners to order a mix of dishes with varying spice levels to ensure the best possible experience.
And at Anantara Golden Triangle, general manager Jean Marc said he and Chef Gai (Wiparat Pratumma) don’t listen only to the word “spicy.” They pay attention to how guests describe it. “I often ask follow-up questions, like whether they enjoy Thai food regularly, or if they eat fresh chilies at the table. Their confidence, their familiarity with Thai cuisine, and even how they talk about spice all guide me,” Marc explained.
“Sometimes guests think they can handle spice and later realize it’s stronger than expected,” said Narkara’s Romruen, who added that the restaurant’s spice level is authentic and not toned down. “Spice tolerance is very subjective,” noted Romruen.
I guess this helps explain why my husband can go wild with wasabi but wimp out with Thai bird’s eye chilies.
Amsterdam Plans to Push Big Cruise Ships Out of the City for Good
Dirk Schmidt from Pixabay
https://www.fodors.com/world/europe/netherlands/amsterdam/experiences/news/amsterdam-plans-to-push-big-cruise-ships-out-of-the-city-for-good
Amsterdam is considering a ban on large cruise ships by 2035 as part of broader efforts to curb overtourism, reduce pollution, and reshape the city’s waterfront.
Amsterdam’s city government has sought an alternative to docking large cruise ships right in the city center, and now the leading option on the table is a simple one: a complete ban on large cruise ships by 2035.
The city, which welcomes 20 million visitors per year—far greater than its own population of just under one million—has long sought ways to curb growing tourist numbers; it was even named to the Fodor’s No List in 2023. The city has already put limits on new hotel construction and has ended efforts promoting tourism. Of particular concern are so-called “stag” tourists, who come to the city’s red-light district from Britain and the Dutch communities surrounding Amsterdam, drinking and creating a general nuisance.
For large cruise ships, the nuisance is a different one: pollution. The city had sought to move large cruise ships out of the city center on pollution concerns, and because the terminal’s current location would prevent the construction of a planned bridge across the IJ river.
In July, activists belonging to the environmental group Extinction Rebellion blocked the arrival of 2,850-passenger Celebrity Eclipse using inflatable canoes. The activists said they chose that ship because of its performance on international environmental assessments. After a two-hour delay and intervention by port officials, the ship docked, and five activists were arrested by police.
The city estimates that the loss of large cruise ships would cost €46 million over the next three decades, the cost of an alternative cruise terminal further outside the city center would exceed €85 million, and there would be no guarantee that revenues would ultimately justify its construction.
The current city administration said it would not vote on whether to ban large cruise ships or move the cruise terminal until after local elections are held on March 18, leaving the final decision to the next city administration to issue a final decision, effectively putting the fate of large cruise ships to the city’s voters. The city council decided in 2024 to limit arrivals of large cruise ships to under 100 per year by this year.
A proposed ban would not affect river cruises, which account for significant traffic. Amsterdam has long been a popular turnaround port for European river cruises.
Local party leader Rob Hofland told NL Times that the proposal to ban large cruise ships would benefit the city, “Years after our proposal, we are finally going to free Amsterdam from these floating apartment blocks. They pollute our air, are bad for the climate, bring hordes of tourists into our city, and block a bridge over the IJ. The alderman has shown that relocating the cruise ship terminal within Amsterdam is not possible. That leaves only one option: out of the city. In our view, the right choice.”
A ban on large cruise ships in Amsterdam would not entirely ban cruise tourists from the Netherlands. Large ocean cruise ships also call at Rotterdam—the largest seaport in Europe—roughly an hour away from Amsterdam by rail. Smaller ocean ships also occasionally dock at The Hague.
Governments around Europe are grappling with how to stem the tide of cruise passengers. Greece considered a cruise passenger tax, while Barcelona—Europe’s busiest cruise port—has been shutting down terminals in a bid to reduce daily cruise passenger arrivals by the end of the decade.
The Netherlands is a top tourism destination in Europe, driven largely by interest in Amsterdam, which ranked as the 7th most popular tourism destination in the world in 2025. Inbound visitor arrivals surpassed 2019 levels in 2023 and grew again in 2024. Full year tourism statistics for 2025 are not yet available, but projections indicate another year of growth.
In Summer 2026 several cruise lines, including Celebrity, Carnival, Seabourn, Viking, Oceania, Virgin Voyages, and Ponant are scheduled to dock at the city’s cruise terminal.
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