Vacasa, North America’s largest vacation rental management platform, announced that it has finalized its acquisition of Wyndham Vacation Rentals from Wyndham Destinations, the global leader in vacation ownership and exchange, for a purchase price of $162 million.
Vacasa financed the acquisition of Wyndham Vacation Rentals through a combination of cash and equity. Wyndham Destinations received proceeds at closing of $156 million in cash and $10 million in Vacasa equity. The purchase agreement contains customary post-closing adjustments.
Vacasa signed a definitive purchase agreement with Wyndham Destinations on July 30. Now that the deal has closed, Vacasa will immediately begin to migrate the Wyndham Vacation Rentals portfolio of 9,000+ homes in 50 destinations into its platform. Vacasa will manage more than 23,000 homes across North America, Europe, Central and South America, and Africa.
“The Wyndham Vacation Rentals team brings a tremendous amount of hospitality expertise, and we are excited to welcome them to Vacasa,” said Eric Breon, founder, and CEO of Vacasa. “Our industry-leading yield management and marketing will generate optimal revenue for homeowners, and the unity of our local teams will continue to create five-star experiences for our guests.”
Vacasa will integrate Wyndham Vacation Rentals signature brands including Corolla Classic Vacations, Hatteras Realty, Kaiser Realty, Oceana, ResortQuest, ResortQuest Whistler, Smoky Mountains Property Management and Vacation Palm Springs onto its platform over the next 12 months. The full integration is expected to be completed by the fall of 2020.
In addition to acquiring Wyndham Vacation Rentals property management contracts, Vacasa will absorb the management of 140 homeowners associations (HOAs), which will fold under Vacasa Community Association Management. Short-term rental-focused HOAs in Alabama, Colorado, Delaware, Florida, South Carolina, and Utah will transition to Vacasa, bringing the total HOAs under management to 156.
“Throughout the past few months, our team has worked closely with Vacasa leadership to establish a path forward for Wyndham Vacation Rentals, our shareholders, our homeowners, our guests, and our associates,” said Michael D. Brown, president, and CEO of Wyndham Destinations. “We believe this transition will maximize the value and strengthen the long-term success of all entities. Our confidence in this strategy is reflected in the equity interest we have retained in Vacasa, and we look forward to the evolution of this thriving business.”