US: Portland-based vacation rental management platform Vacasa has announced that it has closed the transaction under which it agreed to acquire TurnKey Vacation Rentals, a technology-enabled vacation rental property manager for premium homes in more than 80 destinations across the United States.
Vacasa CEO Matt Roberts said: “This is a significant milestone for both companies as we’ll utilise our collective strengths to do something that has never been done—create a premium standard for vacation rentals. We’ll do this by leveraging decades of industry expertise and our technology built to optimise the vacation rental experience, bringing more innovative solutions to our owners and guests.”
The firm signed a definitive agreement to purchase TurnKey in early March. When fully integrated, Vacasa will manage 30,000 vacation homes throughout North America, Belize and Costa Rica.
Vacasa’s field team, consisting of almost 5,000 employees, will join forces with TurnKey’s local teams as they seek to provide an increased level of home care for homeowners and hospitality for guests.
The addition of TurnKey’s 6,000 vacation rentals to Vacasa’s portfolio will increase market density in regions where the company has existing operations. It will also bring Vacasa’s full-service vacation rental management to desirable vacation rental destinations, including Los Angeles and Napa, California; Asheville, Black Mountain, and Holden Beach, North Carolina; and Santa Fe, New Mexico.
Both Vacasa and TurnKey are investing significantly in solutions to simplify the vacation rental ownership process for owners, and they believe the purchase will give them the opportunity to deliver even higher levels of customer service and value.
Guests will have more professionally managed inventory to choose from when planning their next vacation backed by the strength of the companies’ combined operations.
In a recent Skift survey of vacation rental users commissioned by Vacasa, 52 per cent of respondents said they were planning to stay in a vacation rental more often in a post-pandemic environment.
John Banczak, co-founder and CEO of TurnKey, said: “The continued demand we are seeing for vacation rentals is staggering, and we don’t see this changing anytime soon. As we see positive signs for the full return of all types of travel, whether business, family or leisure, we are confident that vacation rentals will increasingly become the preferred choice for travellers seeking a better way to experience their destination.”
Once the integration has been completed, Vacasa will employ 6,500 across the markets it serves as well its central support offices located in Portland, Oregon; Boise, Idaho; Fort Walton Beach, Florida; and Austin, Texas.