United States: based in Portland vacation rental management platform Vacasa announced that it has closed the transaction under which it agreed to acquire Turnkey Vacation Rentalsa technology-based vacation rental property manager for high-end homes in over 80 destinations across the United States.
Vacasa CEO Matt Roberts said, “This is an important milestone for both companies as we will use our collective strengths to do something that has never been done: create a premium standard for vacation rentals. We will achieve this by leveraging decades of industry expertise and our technology designed to optimize the vacation rental experience, bringing more innovative solutions to our owners and guests.
The company signed a definitive agreement to buy Key in hand at the beginning of March. Once fully integrated, Vacasa will manage 30,000 vacation homes in North America, Belize and Costa Rica.
Vacasa’s field team of nearly 5,000 employees will partner with local TurnKey teams to provide an increased level of in-home care for owners and hospitality for guests.
Adding TurnKey’s 6,000 vacation rentals to Vacasa’s portfolio will increase market density in areas where the company already has operations. It will also bring Vacasa’s full vacation rental management service to select vacation rental destinations including Los Angeles and Napa, California; Asheville, Black Mountain and Holden Beach, North Carolina; and Santa Fe, New Mexico.
Vacasa and Turnkey are investing significantly in solutions to simplify the vacation rental ownership process for owners, and they believe the purchase will give them the opportunity to deliver even higher levels of customer service and value.
Customers will be able to choose from more professionally managed inventory when planning their next vacation, thanks to the strength of the companies’ combined operations.
In 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.
John Banczak, Co-Founder and CEO of TurnKey, said, “The continued demand we’re seeing for vacation rentals is staggering, and we don’t see that changing anytime soon. 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 to looking for a better way to experience their destination.
Once the integration is complete, Vacasa will employ 6,500 people in the markets it serves as well as its central support offices located in Portland, Oregon; Boise, Idaho; Fort Walton Beach, Florida; and Austin, TX.
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