Vacation rental startup Vacasa announced today that it has wrapped up a massive deal to acquire Wyndham Vacation Rentals, in the process growing its total portfolio to include tens of thousands of units.
Vacasa paid $162 million in cash and equity for Wyndham Vacation Rentals. The latter company had managed more than 9,000 vacation rentals under a variety of brands such as Corolla Classic Vacations and Vacation Palm Springs. Now that the deal has closed, Vacasa will begin bringing those units and brands onto its own platform.
In total, the deal means that Vacasa now has more than 23,000 rental units in its portfolio. The firm, which was founded in 2009, had already grown into the largest vacation rental management company in North America, but the Wyndham Vacation Rentals deal helps it further solidify its position as the leader of the vacation rental management niche.
In a statement Wednesday, Vacasa founder and CEO Eric Breon expressed excitement about the newly completed acquisition and focused on benefits to the company’s customers.
“Our industry-leading yield management and marketing will generate optimal revenue for homeowners,” Breon said, “and the unity of our local teams will continue to create five-star experiences for our guests.”
Vacasa first announced its intention to acquire Wyndham Vacation Rentals in July. At the time, executives from both companies said the deal would benefit their customers.
In addition to acquiring Wyndham Vacation Rentals, Vacasa said in a statement Wednesday that it is absorbing the management of 140 homeowners associations (HOAs). The HOAs are spread across six states including Florida, Colorado, Utah and more, and are focused on short-term rentals. The company began managing entire HOAs in vacation-oriented communities late last year and now has 156 such organizations in its portfolio, according to its statement.
Aside from HOAs, Vacasa works by contracting with homeowners to manage their property as short-term rentals. The company takes over tasks such as maintenance and booking, and advertises units both on its own platform as well as on other popular sites such as Airbnb. Vacasa’s portfolio now includes units in vacation-oriented destinations in the Americas, Europe and Africa.