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COVID-19

Vacasa announces layoffs, executive pay cuts, and cuts in hours for others

Vacasa announces layoffs, executive pay cuts, and cuts in hours for others
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Amy Hinote
March 20, 2020

Earlier today, Vacasa notified employees it is laying off an unspecified number of workers, cutting the hours of others in half, and reducing executive pay.

“With rapidly evolving travel restrictions and closures in popular vacation destinations like ski resorts and beaches, we are seeing a significant decline in reservations and revenue,” Vacasa said in a written statement. “To preserve the longevity of our business, we have to make proactive and significant cost adjustments, including staffing changes across the organization.”

Vacasa added that interim CEO Matt Roberts will take no pay through the end of the year and that other executives will have their compensation reduced by half.

According to the Oregon Live, who first broke the story, “Vacasa had been Oregon’s most promising company in a generation, raising more than $500 million in outside investment that valued the business at more than $1 billion. But the hospitality and lodging industry has been walloped by the coronavirus outbreak, with vacation travel all but ceasing as people seek to protect themselves from infection.”

 

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COVID-19
March 20, 2020
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Amy Hinote @vrmintel

Amy Hinote is the founder and editor-in-chief of VRM Intel Magazine, which provides news, information and resources for the professionally managed vacation rental industry. With a background in finance and over 15 years in the vacation rental industry, Hinote has worked with property management companies, technology companies, intermediaries and investors, and provides insider information about the growing vacation rental industry. She also founded the data company, now known as Key Data Dashboard, which provides aggregated market intelligence and reporting for vacation rental managers. Hinote resides between Alabama's Gulf Coast and Evanston, Illinois.

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