VTrips grows portfolio in Texas and Maryland
US: Florida-based vacation rental management company VTrips has expanded its portfolio in Maryland and Texas with the acquisition of Taylor-Made Deep Creek Vacation Rentals and Ryson Vacation Rentals.
The combined purchases add a further 701 properties to VTrips’ portfolio and 263 team members to the company’s workforce.
VTrips CEO Steve Milo confirmed that both the Taylor-Made Deep Creek Vacation Rentals and Ryson Vacation Rentals brand names would be retained. In addition, Jodi Taylor Refosco, Chad Taylor and Joe Refosco from Taylor-Made will become shareholders in VTrips.
Liz Overton, general manager of Ryson, said: “We are excited to be the newest members of the VTrips family. Ryson Vacation Rentals has been a leader in our region for many years and we feel that our new partnership with VTrips and the VTrips leadership team is going to continue to allow us to grow in a positive direction.”
The addition of Ryson and Taylor-Made follows VTrips’ recent acquisitions of Resort Collections in Panama City Beach and Distinctive Beach Rentals in Fort Myers Beach [both Florida], as well as Resort Property Management in Pigeon Forge, Tennessee.
Milo said: “VTrips believes that employees are the lifeblood of these companies, and we are doing everything possible to create a positive environment for them. The sellers dedicated their lives to making great memories for their guests and employees, and they wanted a buyer who shares their same values.”
In addition, VTrips has confirmed the appointments of Paul Smith-Marquez as chief financial officer [CFO] and Sandra Brahn as chief growth officer [CGO] to bolster its executive team.
Commenting on the new hires, Milo said: “We are confident that Paul Smith-Marquz and Sandra Brahn will be excellent additions to the VTrips family and strong assets to the executive team. Both Paul and Sandra are committed to continuing to build a diverse work force at VTrips.”
To date, VTrips has completed more than 20 acquisitions as part of the company’s strategic growth plan. Located in Ponte Vedra, it manages 4,000 exclusive vacation rental properties in traditional resort destinations ranging from Florida to Hawaii.
In August, it was announced that the company had received a “significant” minority equity investment from private investment firm Hudson Hill Capital [HHC], with all capital being funded to the balance sheet.
At the time, VTrips said that it was planning to leverage the investment to accelerate the company’s acquisition strategy and further strengthen its technology offering. Furthermore, it expects to deploy over $250 million in the near-term to acquire attractive vacation rental management companies that fit into its growth strategy.
Speaking last year, Milo also told Skift that he was planning to take VTrips public in the future.