Vacasa, a fast-growing company that manages thousands of rental units across the world, announced Thursday that it is acquiring TurnKey Vacation Rentals, a major rival that oversees properties in more than 80 destinations.
The acquisition will add more than 6,000 vacation rental units to Vacasa’s portfolio. The units are spread across the U.S., and in a statement Vacasa notes that many are in “premier destinations” such as Los Angeles and Napa, in California, and Santa Fe, in New Mexico. The statement also portrays Vacasa and TurnKey as having aligned visions and “complementary portfolios.”
“Like Vacasa, TurnKey invests in solutions to simplify the vacation rental ownership process for owners and provides exceptional experiences for guests,” the statement notes.
The companies did not disclose financial details about the deal, but said that they have already signed an agreement and the acquisition should be complete in a month.
Vacasa CEO Matt Roberts added in the statement that he was excited to “welcome TurnKey employees, homeowners and guests into the Vacasa family upon closing of the transaction.”
“Our companies have a similar focus on delivering exceptional service to our homeowners and guests, and we are excited to do that together at a key juncture for the highly competitive vacation rental industry,” Roberts continued. “The vacation rental sector continues to see significant gains in market share for accommodations and, with our expert teams and innovative technology, we’ll have the opportunity to lead the industry forward.”
Eric Breon founded Vacasa more than a decade ago after wishing there was a better way to find renters for a family property. Over the ensuing years, the company grew to become the largest vacation rental management firm in North America. The company continues to manage rentals on behalf of owners, but has also evolved to oversee entire communities and provide interior design services, among other things.
Breon stepped down last year, at which time the company brought on Roberts, the former CEO of restaurant reservation company OpenTable.
Oregon-based Vacasa has also established a pattern of acquiring rivals. One of the company’s more prominent acquisitions, for example, was announced in 2019 and involved picking up Wyndham Vacation Rentals. Also in 2019, Vacasa snapped up Sterling Resorts, a vacation management company on Florida’s Gulf Coast.
The acquisition of TurnKey further solidifies Vacasa’s hold on the vacation rental space, and will bring the company’s portfolio to around 30,000 total units.
Thursday’s statement describes TurnKey as “a full-service vacation rental property management company for premier vacation rental homes in top U.S. travel destinations.” The Texas-based company uses a variety of smart home technology, and according to the statement prides itself on providing “guests with the consistency and quality of a fine hotel experience.”
TurnKey CEO John Banczak indicated Thursday that technology will continue to be an important factor going forward as a part of Vacasa.
“Our goal is to make vacation rental homeownership more efficient and more profitable for owners through the use of technology,” Banczak explained in the statement. “Moving forward together, we expect to deliver on our shared vision of developing innovative solutions to meet the evolving needs of our homeowners, and offer a consistent, reliable hospitality experience to our guests.”