US: Vacation rental management platform Vacasa, has announced it has completed its acquisition of Wyndham Vacation Rentals from vacation ownership and exchange firm Wyndham Destinations for a purchase price of $162 million.
Vacasa financed the acquisition of Wyndham Vacation Rentals through a combination of cash and equity. After customary closing adjustments, Wyndham Destinations received $156 million in cash and $10 million in Vacasa equity.
The firm signed a definitive purchase agreement with Wyndham Destinations on 30 July and now that the deal has closed, it will immediately begin to migrate the Wyndham Vacation Rentals portfolio of 9,000+ homes in 50 destinations into its platform. As a result, Vacasa will manage more than 23,000 homes across North America, Europe, Central and South America, and Africa.
Founder and CEO, Eric Breon, said: “The Wyndham Vacation Rentals team brings a tremendous amount of hospitality expertise, and we are excited to welcome them to Vacasa. Our industry-leading yield management and marketing will generate optimal revenue for homeowners, and the unity of our local teams will continue to create five-star experiences for our guests.”
Vacasa will integrate Wyndham Vacation Rentals signature brands including Corolla Classic Vacations, Hatteras Realty, Kaiser Realty, Oceana, ResortQuest, ResortQuest Whistler, Smoky Mountains Property Management and Vacation Palm Springs onto its platform over the next 12 months. The full integration is expected to have been completed by autumn next year.
In addition to acquiring Wyndham Vacation Rentals property management contracts, Vacasa will absorb management of 140 homeowners associations (HOAs), which will fold under Vacasa Community Association Management. Short-term rental-focused HOAs in Alabama, Colorado, Delaware, Florida, South Carolina and Utah will transition to Vacasa, bringing the total HOAs under management to 156.
Wyndham Destinations president and CEO, Michael D. Brown, said: “Throughout the past few months, our team has worked closely with Vacasa leadership to establish a path forward for Wyndham Vacation Rentals, our shareholders, our homeowners, our guests and our associates.
“We believe this transition will maximise the value and strengthen the long-term success of all entities. Our confidence in this strategy is reflected in the equity interest we have retained in Vacasa, and we look forward to the evolution of this thriving business,” he added.
For more information, visit the Vacasa website here.