US: Florida-based vacation rental management company VTrips has continued its recent acquisition spree with the purchase of Southern Vacation Rentals in the same state.
It follows VTrips’ purchases of Taylor-Made Deep Creek Vacations [Maryland] and Ryson Vacation Rentals [Texas] already this year, as well as that of Resort Collection in 2021.
Meanwhile, the company announced in August that it 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, CEO Steve Milo said that the investment would be used toย accelerate VTrips’ acquisitionย strategy and further strengthen its technology offering, with over $250 million being ring-fenced to acquire attractive vacation rental management companies for its portfolio in the near term.
The acquisition of Southern Vacation Rentals takes VTrips’ portfolio to 5,000 vacation rentals under management in 35 markets across eight states.
In its current form, Southern Vacation Rentals was founded in 2001 following the merger between two real estate and vacation rental businesses, Southern and Pointe South. It has since grown to manage 1,120 whole-home vacation rentals along the Northern Gulf Coast, spanning Fort Morgan, Alabama, to Panama City Beach, Florida.
Southern Vacation Rentals CEO Scott Seay told VRM Intel: “Southern was established 27 years ago and has built a legacy in the communities we serve for excellent service to our guests and owners. Like many large regional players, we have not been able to scale beyond our current markets for several reasons.
“Steve and VTrips have been able to conquer that wall and grow through technology, innovation, and disciplined execution. They have not only achieved a great deal of success but have allowed those well-established brands to continue to operate, while bringing valuable resources and support to ensure continued profitable growth.
“We at Southern are excited to be the latest addition to the Vtrips team and look forward to working with Steve and the exceptional staff he has assembled in building a world-class vacation rental company,” he added.
Seay will now become chief strategy officer for VTrips but the other founders confirmed that they would be leaving the company under the change of ownership.
Milo recently joinedย the ShortTermRentalz podcast to discuss VTrips’ tech offering and M&A strategy, the major opportunities available to rental operators in 2022, and the prospect of the company going public in the future. Listen to the episode in full at this link.
