US: VTrips has purchased Carolina Retreats, Silver Sands Vacation Rentals, Tybee Vacation Rentals and Miss Kitty’s Fishing Getaways.
The latest acquisitions will see VTrips add more than 1,200 properties to its portfolio, taking its total to 7,000. As a result, VTrips will expand its presence in North Carolina (Carolina Retreats), Texas (Silver Sands Vacation Rentals and Miss Kitty’s Fishing Getaways), and Georgia (Tybee Vacation Rentals).
According to VTrips founder and CEO Steve Milo, the purchases were supported by the company’s profits and commercial bank debt.
Carolina Retreats in Topsail, North Carolina, comprises the largest of the four acquisitions by property count (435). Mike Harrington, founder and former president of the Vacation Rental Management Association (VRMA), said in a statement: “As of June 1, Carolina Retreats has partnered with VTrips Holdings, a Florida-based vacation rental management company led by my good friend, Steve Milo.
“Steve and I go back over a decade when Steve was an early mentor of mine as I was getting started in the vacation rental management industry. We served on the board of the VRMA together, where Steve was instrumental in helping me bring back innovative ideas to help improve our homeowners’ revenue and property care and delight our guests.”
Harrington will serve in a business development role at VTrips and will retain ownership of his hotel business, VRM Intel reported.
Carolina Retreats, Tybee Vacation Rentals, and Silver Sands were advised by Ben Edwards of Weatherby Consulting on the deal.
Milo said: “Having Ben and the team at Weatherby Consulting involved ensures a professional process and that a deal can be moved at lightning speed. We also know Ben and his team have personally vetted the companies, making them more attractive.”
President of C2G Advisors, Jacobie Olin, represented Miss Kitty’s Fishing Getaways. Olin said: “It was a pleasure representing Dawn Huff at Miss Kitty’s Fishing Getaways through the acquisition. She has built a strong brand in Rockport, and we’re happy to see VTrips lead the company into the future. It was a seamless and professional process working with the VTrips team throughout the transaction.”
The four additions to VTrips portfolio come at a time when the company is rapidly expanding. This year, VTrips has announced the acquisition of Southern Vacation Rentals and Taylor-Made Deep Creek Vacation Rentals.
