The seller is Wyndham Destinations (NYSE:WYND), the global leader in vacation ownership and exchange.
The transaction is expected to close this fall, subject to customary closing conditions.
The purchase, which is complementary to Vacasa’s current inventory, will boost the company’s portfolio to more than 23,000 homes, spanning North America, Central and South America, Europe, and Africa.
Signature Wyndham Vacation Rentals regional and local brands under the new Vacasa umbrella will include Hatteras Realty, ResortQuest, ResortQuest Whistler, Smoky Mountains Property Management, Kaiser Realty, Corolla Classic Vacations, and Vacation Palm Springs.
Founded in 2009 by Eric Breon, CEO, Vacasa is a large vacation rental management platform and offers property management and other real estate services directly and through licensed subsidiaries. Leveraging technology, the company and its subsidiaries manage a portfolio of more than 14,000 vacation homes in the U.S., Europe, Central and South America, and Africa.
In the next 12 months, which has more than 3,300 employees, Vacasa expects to achieve more than $1 billion in gross bookings and an excess of $500 million in net revenue.
Vacasa will finance the acquisition through a combination of cash and equity. The sale will be comprised of $45m cash at closing, up to $30m of Vacasa equity, and the remaining balance in either seller financing or cash at closing.
The company expects to complete the full integration with Wyndham Vacation Rentals by fall 2020.