US: Vacation rental management company Vacasa has purchased Colorado-based management firm Vail Resort Rentals.
Vail Resort Rentals, which has been owned since 1996 by local resident Dale Bugby, has served visitors seeking short-term stays in Vail since 1983.
Bugby told Vail Daily: “It has been a wonderful career providing hotel operations for luxury condos and homes for 25 years.”
The owner has been active in the vacation rental space during his tenure at Vail, including serving on the Vail Chamber & Business Association board, the Vail Town Council and the Colorado Hotel Lodging Association Board. He is also a graduate from Hotel School at Ferris State University,
On the subject of Vacasa’s purchase of Vail Resort Rentals, Bugby said: “After 40 years managing properties in Vail and Denver, it has come time to step back and take a break. Vacasa is going to be a great partner for my clients going forward.
He added: “Vacasa has the marketing expertise to make more guest reservations happen. I have total faith in them as a great vacation operator.”
Starting off with one location, Vail expanded into five buildings, operating up to 75 rental units at the time of the acquisition by Vacasa.
The deal means that Vacasa will now provide vacation rental homes at Sun Vail, Lionshead Arcade, Vail 21 and Lionshead Centre.
In March, it was announced that Vacasa would be laying off employees, believed to be in the hundreds, due to the economic climate surrounding the coronavirus pandemic in order to “preserve the longevity of the business”. The executive team took a 50 per cent pay cut, and the interim CEO Matt Roberts opted to receive no compensation in the calendar year.
Then, early last month, the Portland-headquartered company secured a $108 million strategic investment round, led by existing investor Silver Lake with participation from other investors including Riverwood Capital and Level Equity.