PORTLAND, Ore.--(BUSINESS WIRE)--Vacasa, the leading vacation rental management platform in North America, announced it has closed the transaction under which it agreed to acquire TurnKey Vacation Rentals, a technology-enabled vacation rental property manager for premium homes in more than 80 destinations across the U.S.
“This is 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,” said Matt Roberts, CEO of Vacasa. “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.”
Vacasa signed a definitive agreement to purchase TurnKey in early March. When fully integrated, Vacasa will manage approximately 30,000 vacation homes throughout North America, Belize and Costa Rica. Vacasa’s field team consists of nearly 5,000 employees, who will join forces with TurnKey’s local teams to provide an increased level of home care for homeowners and hospitality for guests.
The addition of TurnKey’s 6,000 vacation rentals to Vacasa’s portfolio 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. Guests will have more professionally managed inventory to choose from when planning their next vacation, backed by the strength of the company’s combined operations.
According to a recent Skift survey of vacation rental users commissioned by Vacasa, 52% of respondents said they plan to stay in a vacation rental more often in a post-pandemic environment.
“The continued demand we are seeing for vacation rentals is staggering, and we don’t see this changing anytime soon,” said John Banczak, co-founder and CEO of TurnKey. “As we see positive signs for the full return of all types of travel, whether business, family or leisure, we are confident that vacation rentals will increasingly become the preferred choice for travelers seeking a better way to experience their destination.”
Once the integration is complete, Vacasa will employ 6,500 across the markets it serves, as well as its central support offices located in Portland, Oregon; Boise, Idaho; Ft. Walton Beach, Florida; and Austin, Texas.
Whether travelers are looking to book a weekend getaway or the trip of a lifetime, Vacasa is the trusted partner for all things vacation rental. Vacasa homeowners enjoy industry-leading financial returns on their vacation homes, delivered by the company’s unmatched technology platform that adjusts rates in real time and ensures revenue is always maximized. Guests can relax comfortably in one of Vacasa’s professionally managed homes across North America, knowing that 24/7 customer care is just a phone call away. In the past 11 years, Vacasa and its licensed subsidiaries have grown to become North America’s leading vacation rental management platform and employs approximately 6,500 people who are passionate about providing best-in-class service to homeowners, guests, real estate investors and partners. For more information, visit https://www.vacasa.com/press.