The transactions strengthen VTrips’ presence in the two states and take the company’s portfolio to more than 3000 exclusive homes and condominiums. Advisory firm C2G served as consultant to VTrips on the transactions.
Located in Ponte Vedra in Florida, VTrips will take over the management of the 800 properties operated by Resort Collection, which is based in renowned vacation destination Panama City Beach in Northwest Florida. It follows the recent purchases of Distinctive Beach Rentals in Fort Myers Beach, also in Florida, and Resort Property Management in Pigeon Forge, Tennessee.
It is believed that all employees of the acquired companies have been offered new contracts to remain by VTrips.
The company now manages over 3,000 vacation rental properties in Florida, Tennessee, South Carolina, Hawaii and Mexico. VTrips’ properties are typically based in non-urban resort locations, particularly in ocean and mountain leisure destinations.
Speaking to VRM Intel, VTrips founder and CEO, Steve Milo, said that the firm was well positioned to “rapidly expand” across North America following its latest transactions, given its profitability without gaining venture funding. To date, VTrips has acquired at least 15 companies, as revealed by Milo during a case study interview with Barcelona-based channel manager Rentals United.
VTrips rebranded from Vacation Rental Pros in 2018.