Vacasa, a vacation rental management platform in North America, has signed agreed to acquire TurnKey Vacation Rentals, a vacation rental manager for premium homes in across the U.S. The transaction brings together two vacation rental management companies with complementary portfolios and services. The deal is expected to close in a month subject to customary closing conditions.
“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.”
“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.”
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.