The sale, to Platinum Equity, includes a 20-year agreement whereby a 1% royalty will be paid for the use of the ‘by Wyndham Vacations Rentals’ endorsement.

The European business operates more than two dozen brands, including cottages.com, Landal GreenParks and Novasol.  It generates approximately $750 million in annual revenue and pre-tax profits of $130 million.

Wyndham claims to be the largest manager of holiday rentals in Europe, with more than 110,000 units in 600-plus locations and 25 countries.

The company’s intent to sell was made public in August following the planned separation of Wyndham’s hotel business from its vacation ownership and timeshare. The deal is expected to be finalised by June.

Wyndham said there had been “strong interest from multiple parties” and added it was “pleased to find the right buyer”.

Platinum Equity Partner Louis Samson indicated that more purchases in this sector were likely:  "We are excited to partner with the management team to ensure a seamless transition while preparing our plans to drive additional growth, both organically and through prospective add-on acquisitions," he said.

Geoff Cowley managing director of Wyndham Vacation Rentals UK added: “WVR UK is proud to have been part of the Wyndham family. At the same time, we are excited to move into Platinum Equity ownership upon the successful completion of the sale.

“We are confident Platinum Equity will provide our business with a positive outlook for growth and will enable us to continue delivering the same exceptional service to our accommodation owners and their guests. In the meantime, we are continuing to focus on delivering outstanding holidays and great service for all our partners throughout 2018.”