Short-term rental company gets huge funding boost, grows Steamboat rentals from 23 to 354
Company's valuation now over $1B
STEAMBOAT SPRINGS — It’s been a big month for Vacasa as the international vacation rental management company announced Tuesday that it has raised $319 million in funding, bringing its valuation to over $1 billion.
The funding boost was led by Silver Lake, a global leader in technology investing, along with existing investors Riverwood Capital, Level Equity and NewSpring.
With the new financing, Vacasa, which already manages vacation homes in Steamboat Springs, plans to further enhance its technology platforms, accelerate expansion into new markets and grow new offerings including Vacasa Real Estate. Vacasa currently has 100 employees in the state and Murphy said the company is looking forward to growing that number.
“This financing will be used to fuel our growth, which we anticipate in Colorado and beyond,” said Anni Murphy, public relations manager for Vacasa, which is headquartered in Portland, Oregon. “In response to our expansion, we expect there will be demand for new roles in field operations throughout the state — especially on the heels of our Wyndham Vacations Rentals acquisition close.”
Vacasa finalized the acquisition of Wyndham Vacation Rentals from Wyndham Destinations last week for a purchase price of $162 million through a combination of cash and equity. Wyndham Destinations received proceeds at closing of $156 million in cash and $10 million in Vacasa equity. Vacasa’s valuation, following Tuesday’s announcement, sits north of $1 billion, according to Murphy.
The deal to purchase Wyndham Vacation Rentals, which was announced in August, led to Vacasa’s 23 vacation rental properties in Steamboat growing to 354.
Prior to the purchase, Vacasa managed more than 800 homes in Colorado, including 500 in ski resort markets, according to Vacasa COO Bob Milne, who got his start in the vacation rental business in 1985 as part of Steamboat Resort’s sales and marketing department.
“The opportunity that lies ahead of us is enormous, both on the property management and real estate sides of the business,” said Eric Breon, founder and CEO of Vacasa. “We’re seeing an increased number of buyers looking to purchase vacation homes as an investment, with the intent to rent the property.”
Breon said Vacasa is in a unique position to assist homeowners through the entire lifecycle of their vacation home and “are dedicated to continued advancement of our technology to meet the needs of our customers.”
To reach John F. Russell, call 970-871-4209, email jrussell@SteamboatPilot.com or follow him on Twitter @Framp1966.
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