Technology-Forward Managers Join Forces as Demand for Vacation Rentals Accelerates
PORTLAND, Ore. & Austin, Texas, (March 11, 2021) — Vacasa, a leading vacation rental management platform in North America, announced today it has signed an agreement to acquire TurnKey Vacation Rentals, a vacation rental manager for premium homes in more than 80 destinations across the U.S. The transaction brings together two prominent vacation rental management companies with complementary portfolios and capabilities. The deal is expected to close in a month subject to customary closing conditions.
“This is an incredibly exciting day as we plan 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,” said Vacasa CEO Matt Roberts. "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.”
TurnKey manages approximately 6,000 vacation rentals throughout the U.S. The acquisition will result in Vacasa adding premier destination markets to its portfolio, including Los Angeles and Napa, California; Asheville, Black Mountain, and Holden Beach, North Carolina; and Santa Fe, New Mexico. Like Vacasa, TurnKey invests in solutions to simplify the vacation rental ownership process for owners and provides exceptional experiences for guests.
“Innovation has been at the core of our business from the start. Our goal is to make vacation rental homeownership more efficient and more profitable for owners through the use of technology,” said TurnKey CEO John Banczak. “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.”
Vacasa and TurnKey offer full-service vacation rental management to homeowners through local teams that care for guests in-home, providing immediate support during guest stays, as well as property cleaning and maintenance. Vacasa’s 4,000+ local team members are backed by central support offices in Portland, Oregon, and Boise, Idaho, and, following the acquisition, Vacasa expects to maintain TurnKey’s headquarters office in Austin, Texas.
PJT Partners acted as financial advisor and Latham & Watkins LLP acted as legal advisor to Vacasa in connection with the transaction. GCA Advisors acted as financial advisors to TurnKey. Weil, Gotshal & Manges LLP and Kastner Gravelle LLP acted as legal advisors to TurnKey.
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 10 years, Vacasa and its licensed subsidiaries have grown to become North America’s leading vacation rental management platform and employ approximately 6,000 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.
About TurnKey Vacation Rentals
TurnKey Vacation Rentals is a full-service vacation rental property management company for premier vacation rental homes in top U.S. travel destinations. As a leading vacation rental hospitality brand, TurnKey provides guests with the consistency and quality of a fine hotel experience, while optimizing the management, marketing and return on investment for vacation rental homeowners. Our proprietary smart home technology – digital smart locks, housekeeping scheduler, in-home tablet, noise decibel monitors and more – integrates with local, in-market teams to ensure extraordinary vacation rental experiences for every home, every stay, every time. TurnKey is based in Austin, Texas, and venture-backed by Altos Ventures, Adams Street Partners, Silverton Partners and institutional and angel investors. To learn more, visit turnkeyvr.com.