Company Will Begin Integration of 9,000+
Vacation Homes, Bringing Total Inventory on Platform to 23,000+
Vacasa, North America’s largest vacation rental management
platform, today announced that it has finalized its acquisition of
Wyndham Vacation Rentals from Wyndham Destinations (NYSE: WYND),
the global leader in vacation ownership and exchange, for a
purchase price of $162 million. Vacasa financed the acquisition of
Wyndham Vacation Rentals through a combination of cash and equity.
Wyndham Destinations received proceeds at closing of $156 million
in cash and $10 million in Vacasa equity. The purchase agreement
contains customary post-closing adjustments.
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Vacasa signed a definitive purchase agreement with Wyndham
Destinations on July 30. Now that the deal has closed, Vacasa will
immediately begin to migrate the Wyndham Vacation Rentals portfolio
of 9,000+ homes in 50 destinations into its platform. Vacasa will
manage more than 23,000 homes across North America, Europe, Central
and South America, and Africa.
“The Wyndham Vacation Rentals team brings a tremendous amount of
hospitality expertise, and we are excited to welcome them to
Vacasa,” said Eric Breon, founder and CEO of Vacasa. “Our
industry-leading yield management and marketing will generate
optimal revenue for homeowners, and the unity of our local teams
will continue to create five-star experiences for our guests.”
Vacasa will integrate Wyndham Vacation Rentals signature brands
including Corolla Classic Vacations, Hatteras Realty, Kaiser
Realty, Oceana, ResortQuest, ResortQuest Whistler, Smoky Mountains
Property Management and Vacation Palm Springs onto its platform
over the next 12 months. The full integration is expected to be
complete by the fall of 2020.
In addition to acquiring Wyndham Vacation Rentals property
management contracts, Vacasa will absorb management of 140
homeowners associations (HOAs), which will fold under Vacasa
Community Association Management. Short-term rental-focused HOAs in
Alabama, Colorado, Delaware, Florida, South Carolina and Utah will
transition to Vacasa, bringing the total HOAs under management to
156.
“Throughout the past few months, our team has worked closely
with Vacasa leadership to establish a path forward for Wyndham
Vacation Rentals, our shareholders, our homeowners, our guests and
our associates,” said Michael D. Brown, president and CEO of
Wyndham Destinations. “We believe this transition will maximize the
value and strengthen the long-term success of all entities. Our
confidence in this strategy is reflected in the equity interest we
have retained in Vacasa, and we look forward to the evolution of
this thriving business.”
About Vacasa
Vacasa is North America’s largest vacation rental management
platform, offering property management and real estate services
directly, and through licensed subsidiaries. Leveraging
industry-leading technology, Vacasa maximizes revenue for
homeowners and its partners, and provides unforgettable experiences
for guests. Founded in 2009, Vacasa and its subsidiaries manage a
growing portfolio of more than 14,000 vacation homes in the U.S.,
Europe, Central and South America, and Africa. In 10 years, Vacasa
has grown to more than 3,300 employees, has been honored as the
Oregon Better Business Bureau Large Business of the Year and was
ranked ninth on the Inc. 5000 Fastest-Growing Companies list. For
more information, visit www.vacasa.com.
About Wyndham
Destinations
Wyndham Destinations, Inc. (NYSE:WYND) believes in putting the
world on vacation. As the world’s largest vacation ownership and
exchange company, Wyndham Destinations offers everyday travelers
the opportunity to own, exchange or rent their vacation experience
while enjoying the quality, flexibility and value that Wyndham
delivers. The company’s global presence in approximately 110
countries means more vacation choices for its four million members
and owner families, with more than 220 resorts which offer a
contemporary take on the timeshare model – including vacation club
brands Club Wyndham®, WorldMark® by Wyndham and Margaritaville
Vacation Club® by Wyndham, and 4,300+ affiliated resorts through
RCI, the world’s leader in vacation exchange. Year after year, a
worldwide team of more than 23,000 associates delivers exceptional
vacation experiences to families around the globe as they make
memories to last a lifetime. At Wyndham Destinations, our world is
your destination. Learn more at WyndhamDestinations.com. Connect
with us on Twitter: @WynDestinations; Facebook:
@WyndhamDestinations; Instagram: @WyndhamDestinations; YouTube:
@WyndhamDestinations; and LinkedIn: @WyndhamDestinations.
Forward-Looking
Statements
This press release includes “forward-looking statements” as that
term is defined by the Securities and Exchange Commission (“SEC”).
Forward-looking statements are any statements other than statements
of historical fact, including statements regarding Wyndham
Destinations’ expectations, beliefs, hopes, intentions or
strategies regarding the future. In some cases, forward-looking
statements can be identified by the use of words such as “may,”
“will,” “expects,” “should,” “believes,” “plans,” “anticipates,”
“estimates,” “predicts,” “potential,” “continue,” “future” or other
words of similar meaning. Forward-looking statements are subject to
risks and uncertainties that could cause Wyndham Destinations’
actual results to differ materially from those discussed in, or
implied by, the forward-looking statements. The forward-looking
statements contained in this press release include statements about
Wyndham Destinations’ plans and strategies and future events,
including expectations with respect to future revenue resulting
from Wyndham Destinations’ equity interest in Vacasa after the
transaction, among other things. These forward-looking statements
are subject to a number of risks, uncertainties and other important
factors, many of which are beyond management’s control, that could
cause actual results to differ materially from the forward-looking
statements contained in this press release, including, among
others: (1) Wyndham Destinations’ ability to execute on its
strategy; (2) the risk that the disposition of Wyndham Vacation
Rentals may not prove successful and could result in operating
difficulties; and (3) other risks, uncertainties and factors set
forth in the section entitled “Risk Factors” in Wyndham
Destinations’ most recently available Annual Report on Form 10-K,
as such risks, uncertainties and factors may be updated in Wyndham
Destinations’ periodic filings with the SEC. Although Wyndham
Destinations believes that these statements are based upon
reasonable assumptions, it cannot guarantee future results and
readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect management’s opinions
only as of the date of this press release. Except as required by
law, Wyndham Destinations undertakes no obligation to update or
revise forward-looking statements to reflect new information or
events or circumstances that occur after the date of this press
release or to reflect the occurrence of unanticipated events or
otherwise.
Web Resources: Vacasa Twitter: @Vacasarentals Facebook:
@Vacasa Instagram: @Vacasa YouTube: @Vacasa LinkedIn: @Vacasa
Wyndham Destinations Twitter: @WynDestinations Facebook:
@WyndhamDestinations Instagram: @WyndhamDestinations YouTube:
@WyndhamDestinations LinkedIn:@WyndhamDestinations
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191023005271/en/
Sarah Tatone Head of Communications & PR,
Vacasa Sarah.Tatone@vacasa.com (971) 409-2061
Steven Goldsmith Public Relations, Wyndham
Destinations Steven.Goldsmith@wyn.com (407) 626-5882
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