Vacasa, the largest vacation rental management platform in North America, announced today it has signed an agreement to acquire TurnKey Vacation Rentals, a leading vacation rental management company for premium homes in more than 80 destinations across the U.S. The transaction brings together two prominent vacation rental management companies with complementary portfolios and capabilities. The deal is expected to close in a month subject to customary closing conditions.
“This is an incredibly exciting day as we plan to welcome TurnKey employees, homeowners and guests into the Vacasa family upon closing of the transaction. Our companies have a similar focus on delivering exceptional service to our homeowners and guests, and we are excited to do that together at a key juncture for the highly competitive vacation rental industry,” said Vacasa CEO Matt Roberts. “The vacation rental sector continues to see significant gains in market share for accommodations and, with our expert teams and innovative technology, we’ll have the opportunity to lead the industry forward.”
TurnKey manages approximately 6,000 vacation rentals throughout the U.S. The acquisition will result in Vacasa adding premier destination markets to its portfolio, including Los Angeles and Napa, California; Asheville, Black Mountain, and Holden Beach, North Carolina; and Santa Fe, New Mexico. Like Vacasa, TurnKey invests in solutions to simplify the vacation rental ownership process for owners and provides exceptional experiences for guests.
“Innovation has been at the core of our business from the start. Our goal is to make vacation rental homeownership more efficient and more profitable for owners through the use of technology,” said TurnKey CEO John Banczak. “Moving forward together, we expect to deliver on our shared vision of developing innovative solutions to meet the evolving needs of our homeowners, and offer a consistent, reliable hospitality experience to our guests.”
Vacasa and TurnKey offer full-service vacation rental management to homeowners through local teams that care for guests in-home, providing immediate support during guest stays, as well as property cleaning and maintenance. Vacasa’s 4,000+ local team members are backed by central support offices in Portland, Oregon, and Boise, Idaho, and, following the acquisition, Vacasa expects to maintain TurnKey’s headquarters office in Austin, Texas.
PJT Partners acted as financial advisor and Latham & Watkins LLP acted as legal advisor to Vacasa in connection with the transaction. GCA Advisors acted as financial advisors to TurnKey. Weil, Gotshal & Manges LLP and Kastner Gravelle LLP acted as legal advisors to TurnKey.