Vacation rental management group Vacasa has agreed to
acquire Wyndham Vacation Rentals from Wyndham Destinations for roughly $162
million.
Vacasa plans to finance the deal through a combination of
cash and equity, with the sale set to be comprised of $45 million cash at
closing, up to $30 million of Vacasa equity and a remaining balance in either
seller financing or cash at closing. The transaction is expected to close this
fall.
The acquisition will add 9,000 Wyndham Vacation Rentals to
the Vacasa portfolio, growing Vacasa's management footprint to a total of
23,000 homes worldwide.
The move will also bring Wyndham Vacation Rentals’ regional
and local brands, including Hatteras Realty, ResortQuest, ResortQuest Whistler,
Smoky Mountains Property Management, Kaiser Realty, Corolla Classic Vacations
and Vacation Palm Springs, under the Vacasa umbrella.
Launched in 2009, Oregon-based Vacasa has expanded
aggressively in recent years, making a total of 52 acquisitions in 2018 alone.
The company says it expects more than $1
billion in gross bookings in the next 12 months.