Vacasa, a major and fast-growing vacation rental management company, announced Thursday that it had wrapped up the acquisition of TurnKey Vacation Rentals, a now-former rival company.
The deal brings about 6,000 short-term rental units under Vacasa’s umbrella, bringing the company’s total portfolio to about 30,000 units across North America, Belize and Costa Rica. In a statement, the company said the acquisition “will increase market density in regions where Vacasa has existing operations.”
“It will also bring Vacasa’s full-service vacation rental management to several top vacation rental destinations, including: Los Angeles and Napa, California; Asheville, Black Mountain, and Holden Beach, North Carolina; and Santa Fe, New Mexico,” the statement added.
Vacasa did not disclose financial details about the acquisition.
Vacasa first announced the deal in early March. At the time, Vacasa CEO Matt Roberts explained that both his company and TurnKey “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.”
In a statement Thursday, Roberts added that finalizing the deal represents “a significant milestone for both companies as we’ll utilize our collective strengths to do something that has never been done — create a premium standard for vacation rentals.”
“We’ll do this by leveraging decades of industry expertise and our technology built to optimize the vacation rental experience, bringing more innovative solutions to our owners and guests,” Roberts continued.
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 in part by pursuing a series of acquisitions — of which the TurnKey deal is just the latest.
Vacasa 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 as CEO in 2020, at which time Vacasa brought Roberts on board.
The TurnKey deal comes at a time when vacation rentals have surged in popularity, thanks in part to their diversity and relative isolation compared to more conventional hotels. In a statement Thursday, TurnKey co-founder John Banczak — who will continue on with the company in a yet-to-be-disclosed leadership position after the acquisition — said he doesn’t see that demand letting up any time soon.
“As we see positive signs for the full return of all types of travel, whether business, family or leisure,” Banczak said in the statement, “we are confident that vacation rentals will increasingly become the preferred choice for travelers seeking a better way to experience their destination.”