VTrips announced its acquisition of Resort Collection and its 800 properties on June 1, 2021. Resort Collection is one of the most well-established and influential vacation rental management companies in Northwest Florida. The Resort Collection deal follows several large acquisitions in the past 60 days including Distinctive Beach Rentals in Ft Myers Beach and Resort Property Management in Pigeon Forge, Tennessee.
According to founder and CEO Steve Milo, the recent acquisitions were made from VTrips operating profits and commercial bank debt. “Profitability matters, and VTrips continues to be the leader of national vacation rental companies for EBITDA, compounded EBITDA growth year over year, and EBITDA margin to revenue.”
All employees of Resort Collection, Distinctive Beach Rentals, and Resort Properties Management were offered jobs by VTrips at the same or better pay and benefits, said Milo. “VTrips believes that employees are the lifeblood of these companies, and we are doing everything possible to create a positive environment for them.”
Milo continued, “As certain large national buyers operate more like ‘strip miners’ in our industry, we are encountering more and more sellers who want a buyer that will hire all their staff, take care of their brand and legacy, and allow them to live in their community. We tell sellers that certain large national buyers are an option if they intend to move to another state or country and change their cell phone. Some sellers think this is funny. I always have a lot of good stories to share when I meet sellers in person. Most sellers dedicated their life to building a legacy and making great memories for their guests and employees and they want a buyer who shares their same values.”
According to Milo, VTrips is well positioned to compete for the industry lead in the resort vacation rental market in North America. “As a company headquartered in business-friendly Florida, with a founder and owner still in charge and who supports the industry in advocacy and volunteer work, VTrips is positioned to rapidly expand while other large companies deal with leadership and operational turmoil.”
Milo is chairman of the VRMA Advocacy Committee, which raised over $250,000 in 2020, and chairman of the Florida Vacation Rental PAC, and told us that VTrips contributed over $20 per unit in 2020 to advocacy. According to Milo, other large national firms are contributing less than $1 per unit to advocacy. “Some companies and CEOs care passionately about the future of the industry, and some are just industry outsiders who are concerned about getting a quick exit from this industry before their operational issues implode on them.”
The once sleepy vacation rental industry is rapidly transforming, said Milo. “With these changes some vacation rental owners are deciding to take chips off the table, and who they sell to may be the number one factor. ”
Located in Ponte Vedra, Florida, VTrips manages 3,000 exclusive vacation rental properties in traditional resort destinations ranging from Florida to Hawaii. VTrips CEO and founder Steve Milo is a recognized thought leader regarding the evolution of the highly fragmented vacation rental industry and is a regular keynote speaker at leading conferences in North America and Europe.