Vacasa, a provider of vacation rental management services akin to Airbnb, has agreed to acquire Wyndham Vacation Rentals from Wyndham Destinations.
Portland-based Vacasa will pay Wyndham a total of $162 million, including at least $45 million in cash at closing and upwards of $30 million in Vacasa equity.
Vacasa, founded in 2009, has raised $207.5 million in venture capital funding to date from investors such as Assurant Growth Investing and NewSpring Capital.
Its acquisition of Wyndham Vacation Rentals will bring a number of brands, including ResortQuest, Kaiser Realty and Vacation Palm Springs, under its ownership and will expand its portfolio to include 9,000 new properties.
“We are excited to partner with the pioneering company in the short-term rental industry that helped make vacation homes popular for so many families around the world,” Vacasa founder and chief executive officer Eric Breon said in a statement. “Combining Wyndham Vacation Rentals’ decades of operational excellence with Vacasa’s next-generation technology will deliver the industry’s best vacation rental experiences.”
The deal comes amid a period of growth for the Oregon business, which says it expects to bring in more than $1 billion in gross bookings and roughly $500 million in net revenue in the next year.
The acquisition, announced this morning, is projected to close this fall.