ORLANDO, Fla. — Vacation-rental platform Vacasa has entered a definitive agreement with Wyndham Destinations to acquire Wyndham Vacation Rentals for approximately $162 million.
The deal stands to boost Vacasa’s portfolio to more than 23,000 homes, spanning North America, Central and South America, Europe and Africa. Regional and local Wyndham Vacation Rentals brands under the new Vacasa umbrella will include Hatteras Realty, ResortQuest, ResortQuest Whistler, Smoky Mountains Property Management, Kaiser Realty, Corolla Classic Vacations and Vacation Palm Springs.
“After conducting a rigorous strategic review process that generated strong interest from multiple parties, we are confident that Vacasa is the ideal buyer,” says Michael D. Brown, president and CEO of Wyndham Destinations. “We determined that selling Wyndham Vacation Rentals is the best option to return value to shareholders and enable the long-term growth of our company through vacation ownership and exchange.”
The transaction is expected to close this fall, subject to customary closing conditions. Following the closing, Wyndham Destinations will hold an equity interest in Vacasa. The sale will be comprised of $45-million cash at closing, up to $30 million of Vacasa equity and the remaining balance in either seller financing or cash at closing.
Vacasa expects to complete the full integration with Wyndham Vacation Rentals by fall 2020.