US: Vacation rental management company Vacasa has announced the acquisition of 45 short-term rental properties in the greater Jackson Hole area, marking the firm’s first entry into Wyoming.
The company has assumed management of Mountain Property Management’s short-term rentals, including chalets and cabin-style rentals. Wendy Meyring, the owner of Mountain Property Management, will retain the long-term rental business and units within homeowners associations.
The Meyring family launched Mountain Property Management back in 1989 and has continued to serve the Jackson Hole community and support local tourism ever since.
Meyring said: “I first discussed a partnership with Vacasa a couple years ago and, as those conversations continued and the relationship built, the timing was finally right for me and my husband to sell our short-term rental inventory and focus on other aspects of the business. Through a combination of local operations and advanced technology, Vacasa is able to offer economies of scale that I’m confident will bring new opportunities and revenue potential to local homeowners and the community.”
Zac Monahan, vice president of acquisitions at Vacasa, said: “Mountain and ski destinations are key markets for us and we had been looking for the right partner to make our entry into Wyoming. We feel fortunate to be taking over management from such a reputable company and also to have Wendy join us as a broker in this new market.
“Her insights will be valuable as we establish our local office and welcome many Mountain Property Management employees to Vacasa’s operations team,” he added.
In June, Vacasa announced a $108 million strategic investment round, led by existing investor Silver Lake with participation from other existing investors including Riverwood Capital and Level Equity. Silver Lake had previously invested in Vacasa last October in a $319 million strategic investment round, which ensured Vacasa reached unicorn status at the time.