Vacasa Explained

Vacasa, Inc.
Logo Alt:Vacasa Logo
Type:Public
Traded As:NASDAQ:
Key People:Rob Greyber (CEO)[1]
Bruce Schuman (CFO)[2]
John Banczak, COO[3]
T.J. Clark (CCO)[4]
Bob Milne (SVP) Operations[5]
Industry:Travel (lodging)
Products:vacation rentals, vacation rental property management, vacation rental real estate, lodging, vacation rental community management, vacation rental interior design
Revenue:US$889 Million (2021)[6]
Num Employees:8,000[7]
Foundation:, in Portland[8]
Location City:Portland, Oregon

Vacasa, Inc. is an international vacation rental management company based in Portland, Oregon. It provides property management services for over 35,000 vacation rentals[9] [10] [11] [12] [13] [14] in North America, Belize, and Costa Rica.[15] [16] Vacasa manages properties in 34 U.S. states.[17]

History

Eric Breon, along with attorney Cliff Johnson, co-founded Vacasa in 2009 after experiencing difficulties managing his family vacation home in Long Beach, Washington.[18]

In June 2014, Vacasa topped the Portland Business Journals list of Fastest-Growing Private 100 companies, with an established three-year growth rate of 3,034.59%.[19] In August 2014, it was named the #9 fastest-growing privately held company in the nation by Inc. Magazine in its annual Inc. 5000 list, with an updated three-year growth rate of 16,192%.[20] On November 16, 2016 Vacasa was ranked number 67 out of 500 on the 2016 Technology Fast 500 by Deloitte, which recognizes the fastest-growing technology companies in North America.[21]

In March 2018, Vacasa announced the company would be expanding its Portland office to a newly constructed building in the Pearl District. The 61,000 square foot space provides the company space for an additional 400 employees in Portland.[22] [23]

On October 2, 2018, Vacasa acquired Oasis Collections, which was previously owned in part by Hyatt Hotels Corp.[12]

In 2019, Vacasa acquired Wyndham Vacation Rentals from Wyndham Destinations for $162 million.[13] [24] Vacasa has also partnered with Google to integrate available rental properties into search results for traveling and lodging.[25] It is the first vacation rental management company to do so.[26]

Eric Breon stepped down as CEO of Vacasa on February 11, 2020.[27] Vacasa board member and former OpenTable CEO Matt Roberts replaced Breon as interim chief, and was then named permanent CEO in the summer of 2020.

On April 1, 2021, Vacasa finalized the acquisition of TurnKey Vacation Rentals, adding more than 6,000 U.S. properties to its portfolio, and bringing its total property count to more than 30,000 units.[28]

On August 24, 2022, Vacasa announced former Expedia executive Rob Greyber will succeed Matt Roberts as CEO. [29]

Funding

On April 12, 2016, Vacasa announced securing $35 million in financing led by Series A investor Level Equity.[30] [31] [32] On November 14, 2016 Vacasa announced extending the Series A round to $40 million following a $5 million investment from risk management provider Assurant.[33] This is the first round of outside capital the company accepted, as it was bootstrapped since its founding in 2009.[34]

On October 17, 2017, Vacasa raised $103.5 million in Series B funding.[35] To date, this is the largest funding round ever raised in the vacation rental management sector,[36] and the largest series B funding round ever raised for an Oregon technology company.[37]

On October 18, 2018, Vacasa raised a Series B extension of $64 million, bringing the company's total funds raised to $207.5 million.[38] In 2018, Vacasa became the largest vacation rental management company in North America overtaking Wyndham Vacation Rentals.[39]

On October 29, 2019, Vacasa announced it had raised $319 million in Series C funding valuing the company at over $1 billion.[40]

On June 2, 2020, Vacasa announced it had raised $108 million in Series D [41] funding led by existing investor Silver Lake.

In July 2021, Vacasa announced that it would become a publicly-traded company through a merger with TPG Pace Solutions, a special purpose acquisition company (SPAC) sponsored by TPG Pace Group. The business combination provided Vacasa with an equity valuation of $4.5 billion.[42] Vacasa debuted on the NASDAQ with the completion of the merger on December 7.

Technology

The company developed the Vacasa Field App to provide its local operations teams with real-time information and updates on home maintenance tickets, as well as its HomeCare Hub, which includes a scheduler algorithm that optimises home clean scheduling across geographic regions.[4]

In November 2021, the company released its Vacasa Homeowner app to share home performance information with their homeowners in a native mobile experience.[43]

Real estate

In July 2018, Vacasa launched Vacasa Real Estate to support buyers and sellers of vacation rentals through a national expert agent network.[11] [44] As Vacasa's real estate arm continued to expand, the company launched brokerages in Arizona, Florida, Hawaii, Oregon and South Carolina, with future plans to expand throughout the country.[45]

Other services

In 2018, the company launched Vacasa Community Association Management and Multifamily Services to round out its full suite of services for vacation homeowners.[46] [47]

In 2019, Vacasa launched an interior design service for property owners and developers.[48] [49]

Awards

Notes and References

  1. Web site: Vacasa Appoints Rob Greyber as Next Chief Executive Officer. Aug 24, 2022. Vacasa.
  2. Web site: Bruce Schuman succeeds Jamie Cohen as Vacasa CFO. Stevens. Paul. Short Term Rentalz. 10 May 2023.
  3. News: Vacasa Appoints TurnKey Co-Founder as Chief Operating Officer. Skift. Schaal, Dennis. 15 October 2022.
  4. News: Smith and Flitton step down from CCO and CTO roles at Vacasa. Short Term Rentalz. Stevens, Paul. 9 February 2023.
  5. Web site: Vacasa completes pair of major acquisitions in California and Alabama.
  6. Web site: Vacasa revenue up 81% in ’21, expects profitability in ‘23. PhocusWire. 16 March 2022.
  7. Web site: Vacation-Rental Manager Vacasa Aims to Add Homes After Public Listing. The Wall Street Journal. 14 December 2021.
  8. Web site: Vacasa Founders Eric Breon and Cliff Johnson: An Inside Look at Vacasa's Fast Growth and the Lessons Learned Along the Way. August 12, 2017.
  9. News: Sharing Economy 2.0: How This Company Is Helping Advance Women In The Workplace. Bloom. Laura Begley. Forbes. 2018-02-26.
  10. Web site: Vacasa, Nation's Second Largest Vacation Rental Company, Expands Series A to $40M. VentureBeat. 14 November 2016. 2016-11-28.
  11. News: Vacasa jumps into vacation home sale process with new network connecting buyers, sellers and agents. 2018-07-12. GeekWire. 2018-08-31.
  12. News: Vacation Rental Company Buys Hyatt-Backed Firm, Extending Acquisition Spree. 2018-10-02. Wall Street Journal. 2018-10-14.
  13. Web site: $162M acquisition positions Vacasa for major growth. Bjorke. Christopher. Portland Business Journal. 3 September 2019.
  14. Web site: Vacasa's 35,000 homes get tech upgrades, including keyless entry. Inman. 24 February 2022.
  15. Web site: Vacasa finalises TurnKey acquisition. Stevens. Paul. 2021-04-01. Short Term Rentalz.
  16. Web site: Affirm Teams With Vacasa For Flexible Vacation Rental Payments. Pymnts. 23 February 2021.
  17. Web site: Vacasa arrives in Wyoming, partners with local company. Inman. 24 November 2020.
  18. Web site: Vacasa co-founders on how to grow 16,000% in three years. Spencer. Malia. 2015-02-12. www.bizjournals.com. 2018-05-24.
  19. News: Walker. Alyssa. PBJ100: See where the fastest-growing companies of 2014 rank. 21 Aug 2014. Inc. 20 Aug 2014.
  20. News: Inc. 5000 2014: The Fastest-Growing Private U.S. Companies, At a Glance. 17 June 2014. Portland Business Journal. 12 June 2014.
  21. News: See which Portland area tech firms landed on Deloitte 500 2016 - Portland Business Journal. Spencer. Malia. Portland Business Journal. 2016-11-28.
  22. News: Vacasa, expecting to hire hundreds, will expand into new Pearl building. OregonLive.com. 2018-06-27.
  23. News: In Portland, Ore., One Project With 2 Styles Reflects Its Neighborhood. Libby. Brian. 2018-06-27.
  24. Web site: Vacasa to Acquire Wyndham Vacation Rentals for $162 Million. O'Neill. Sean. 30 July 2019. Skift. 3 September 2019.
  25. Web site: Vacasa integrates with Google to bring its vacation rental properties to the top of search results. 5 September 2019. GeekWire. 25 September 2019.
  26. Web site: Vacasa homes in Google search results give you one less excuse to skip that vacation. 5 September 2019. FastCompany. 25 September 2019.
  27. News: Rogoway. Mike. Vacasa founder Eric Breon resigns as CEO of Portland vacation rental giant. February 11, 2020. The Oregonian. February 11, 2020.
  28. News: Dalrymple. Jim. Vacasa to acquire major vacation rental rival. March 11, 2021. Inman.
  29. Web site: Vacation rental company Vacasa picks protege of Uber CEO to be next chief executive. August 24, 2022.
  30. Web site: Vacasa raises $35M, aims to be Amazon of vacation rental industry. Soper. Taylor. 2016-04-12. GeekWire. 2016-06-01.
  31. Web site: Eric Breon Builds Vacasa Vacation Rental Service Into High Growth Business. Rogers. Bruce. Forbes. 2016-06-01.
  32. Web site: The Morning Leverage: Aquiline, Genstar Sell AssetMark to China's Huatai Securities. Kreutzer. Laura. WSJ. 2016-06-01.
  33. Web site: Vacation Rental Startup Vacasa Clinches Funding PYMNTS.com. www.pymnts.com. 16 November 2016. 2016-11-28.
  34. Web site: Bootstrapping to $100 Million: Vacasa Co-Founder Cliff Johnson (Part 1). 2015-07-11. Sramana Mitra. 2016-06-01.
  35. News: Private equity investors pour $103.5 million into Portland vacation rental management company Vacasa. OregonLive.com. 2018-03-29.
  36. Web site: Vacasa Raises $103.5M in Largest Funding Round in Vacation Rental Management History - VRM Intel. www.vrmintel.com. 17 October 2017. 2018-03-29.
  37. News: B+: Vacasa's big round. Gallivan. Joseph. Pamplin Media Group. 2018-03-29.
  38. Web site: Sick of managing your Airbnb? Vacasa raises $64M to do it for you. TechCrunch. 2019-01-23.
  39. Web site: Vacasa now largest vacation rental company in North America. Inman. 21 November 2019.
  40. Web site: Vacasa raises $319M, creating a Portland unicorn, as it pushes global growth. Portland Business Journal. 21 November 2019.
  41. Web site: Silver Lake makes another travel bet, leads 108M investment vacation rental platform Vacasa. Geekwire. 2 June 2020. 2020-06-04.
  42. Web site: Vacation rental company Vacasa to go public this fall via SPAC merger with TPG Pace Solutions. CNBC. Seema Moody. 29 July 2021.
  43. News: Vacasa product chief talks product roadmaps and the company's new homeowner app. Portland Inno. Malia Spencer. 5 November 2021.
  44. Web site: Vacasa dabbles in the residential real estate game. www.bizjournals.com. 2019-01-23.
  45. Web site: Vacasa opens its first Oregon real estate brokerage. www.bizjournals.com. 2019-04-11.
  46. Web site: Vacasa will now manage entire communities. II. Jim Dalrymple. Inman. en-US. 2019-02-27.
  47. Web site: Vacasa Targets Urban Rental Market by Helping Developers Fill Vacant Units. 2018-11-13. Skift. en-US. 2019-02-27.
  48. Web site: Vacasa looks to help property owners make their rentals more Instagrammable. Spencer. Malia. Portland Business Journal. 4 September 2019.
  49. Web site: Why your next vacation rental may look like a Wayfair catalog. Reader. Ruth. 29 April 2019. Fast Company. 4 September 2019.
  50. Web site: The big winners at the 2018 Tom Holce Entrepreneurship Awards . www.bizjournals.com. 2019-03-18.
  51. Web site: Technology Association of Oregon Announces the Oregon Tech Awards Winners Technology Association of Oregon. www.techoregon.org. 2019-03-18.
  52. Web site: See which Portland area tech firms landed on Deloitte 500 2016 Portland Business Journal. www.bizjournals.com. 2019-03-18.
  53. Web site: 2016 Pearl District Business Award Winners. Explore The Pearl. en-US. 2019-03-18.
  54. Web site: Past Recipients. www.bbb.org. 2019-03-18.
  55. Web site: Inc. 5000 2014: The Complete Rankings. www.inc.com. 2019-03-18.

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