Today Wyndham Worldwide (NYSE: WYN) acquired Vacation Palm Springs in Palm Springs, California, adding approximately 450 vacation rental properties to its inventory.
Vacation Palm Springs was founded in 2001 by Rick Hutchenson and Rob Kincaid and is the largest vacation rental management company in the Palm Springs area.
Wyndham’s purchase of Vacation Palm Springs marks the company’s entry into vacation rental home management in California. According to Wyndham’s 2014 Annual Report, “Wyndham Vacation Rentals N.A. offers over 9,000 rental properties, in beach, ski, mountain, theme park, golf and tennis resort destinations such as Florida, South Carolina, Colorado, Delaware, North Carolina, Alabama, Tennessee and Utah”
Last month, Wyndham purchased Corolla Classic Vacations in North Carolina’s Outer Banks. The two acquisitions add approximately 700 homes to the Wyndham program.
Vacation Palm Springs co-founder Rick Hutchenson also serves on the Palm Springs City Council and as Palm Springs Mayor pro tem. In this role, Hutchenson successfully worked with vacation rental opponents to put in place a set of regulations that legalize short term rentals while protecting long-term residents. Hutchenson’s work was widely praised in the industry, in contrast to other California cities which have been short-sighted in their approach to legislation regarding vacation rentals.
You can review the ordinance in Chapter 5.25 of the Palm Springs Municipal Code.