US: Vacation rental management platform Vacasa has signed an agreement to acquire Resort Lodging Company.
The deal will be finalised before the end of December and the integration will be complete in the spring of 2020. At this time, Vacasa will assume management of Resort Lodging Company’s vacation rental inventory in Steamboat Springs, Colorado, estimated to be 250 properties at the time of closing.
With this acquisition, Vacasa will also bring on 11 homeowners associations [HOAs].
Resort Lodging Company was founded in late 2015, with a focus on local care and growing Steamboat Springs’ reputation as an idyllic year-round getaway.
Resort Lodging Company employees, estimated to be 155, are expected to continue employment following the ownership transition, including the leadership team comprised of president, Blair McNamara; vice president, Patrick Delaney; and, director of operations, Josh Miller.
Vacasa will retain the Resort Lodging Company central office located at 1855 Ski Time Square Drive, and all operations will continue as usual.
Resort Lodging Company president Blair McNamara said: “For the past four and a half years, our team has taken tremendous pride building Resort Lodging Company into a leader in Steamboat property and community management, and we look forward to the next phase of our journey with Vacasa.
“We have always believed in the importance of community and localised care, and I feel confident that Vacasa will strengthen the values our team upholds, while creating new opportunities rooted in next-generation technology,” added McNamara.
Homeowners whose vacation rentals were managed by Resort Lodging Company will now have access to Vacasa’s dynamic pricing, marketing and booking expertise, as well as partnerships with listing sites such as Airbnb, Booking.com and Vrbo that drive year-round bookings and increased revenue.
Vacasa COO Bob Milne said: “We are thrilled to begin caring for Resort Lodging Company’s portfolio of beautiful vacation rentals, providing new options to our guests who love Steamboat Springs as much as we do. The talented Resort Lodging Company team will be a great asset to Vacasa, as we build relationships with homeowners and continue to scale in Colorado.”
Vacasa Community Association Management launched its services in Colorado in 2018 and, with the addition of Resort Lodging Company’s current associations under management, it will manage 62 HOAs across the state from Steamboat Springs to Summit County and the Vail Valley.
The Vacasa Community Association Management team led by Milne and Vacasa’s director of community association management, Meghan Lutterman, brings more than five decades of experience to association management, and is positioned to support vacation rental HOAs with a full suite of services.
Lutterman said: “Colorado was one of the first states where we launched Vacasa Community Association Management due to its high number of second home-focused associations within key vacation destinations. We look forward to working with Resort Lodging Company’s tenured employees in providing best-in-class services to our new HOA board partners.”
Vacasa’s recent acquisition of Wyndham Vacation Rentals will add 1,200 Colorado vacation homes to the company’s portfolio once the integration is complete, which is anticipated to be in 2020.
With the addition of Resort Lodging Company, Vacasa will manage more than 2,500 vacation homes across Colorado.