US: California-based resort marketplace Vacatia, which provides innovative consumer travel products and business solutions for timeshare resorts, has announced that it has raised $20 million in a Series B financing round.
The round was led by a syndicate of high-net-worth individuals, venture funds, and family offices in the real estate, hospitality and travel technology sectors.
In addition, Vacatia has obtained a $60 million acquisition and development fund to rapidly grow its proven strategy of modernising independent timeshares with industry-leading technology and service.
Vacatia CEO Caroline Shin said: “We are grateful for the support from our new and existing investors as our exponential growth has demonstrated the potential of Vacatia’s hospitality focused culture, technology solutions and innovative revenue generating products and services. With this financing, we will continue to develop and adopt new technology solutions for both our B2C and B2B markets as well acquire existing companies where Vacatia can increase profits and enhance customer service.”
Along with the Series B equity round and acquisition fund, Vacatia announced that it has finalised agreements to acquire Liberté Management Group of Treasure Island, Florida, and serve as the management firm for Gold Point Resort of Breckenridge, Colorado. As a consequence, Vacatia now manages 15 resorts with 30,000 owners across seven states.
Liberté Management Group specialises in the management and marketing of resort-style communities on Florida’s gulf coast.
Liberté CEO Dennis DiTinno said: “After 30 years, deciding to sell was difficult, but knowing that our owners and employees will be in good hands with Vacatia’s talented team puts my mind at ease. Their hospitality focused culture, technology solutions and innovative revenue generating products and services is the future of the timeshare industry.
“I’m excited for Liberté’s resorts and our owners to be at the forefront of such innovation,” he added.
Gold Point Resort board president Harvey LeCato said: “Their modern approach to rentals, membership, and even housekeeping and maintenance resonated with our board members.”
Vacatia’s consumer focused VacatiaPLUS product provides subscribing members with exclusive access, VIP privileges and guaranteed lowest prices at resort condominiums. Participating resorts can generate new revenues from unused inventory while introducing new consumers to timeshares’ advantages.
Meanwhile, private equity and real estate executive and investor, Dustin M. Gillman, will join Vacatia’s board of directors.
Shin continued: “With this capital infusion, Vacatia will expand our resort management footprint and continue to develop innovative technology solutions to help timeshare resorts thrive. The recent pandemic has proved once again timeshare’s appeal as a superior way to vacation, and Vacatia is helping these resorts to build lasting relationships with consumers and appeal to a younger audience.”
According to the American Resort Development Association, the US timeshare industry has annual revenues of $10.5 billion and 1,582 resorts. Nearly ten million, or 7.7 per cent of American households, are reported to own a timeshare.
Founded in 2013, Vacatia’s consumer-facing products include resort condominium rentals, subscription-based travel products and timeshare resales. Its B2B solutions, delivered through Vacatia Partner Services, include rental, resale, subscription membership products and property management.