Vacasa, North America’s largest vacation rental management platform, today announced a $108 million strategic investment round. The financing was led by existing investor Silver Lake with participation from other existing investors including Riverwood Capital and Level Equity.
“Like many companies in the travel sector, Vacasa experienced challenges as the COVID-19 pandemic took hold. We are incredibly fortunate for the continued support of our investors,” said Matt Roberts, CEO of Vacasa.
“As we begin to emerge from this global crisis with an infusion of capital, we are in a very strong financial position to capture consumer demand. We believe there will be a preference shift from hotels to professionally managed vacation rentals as privacy and cleanliness rise to be top priorities for travelers.”
Vacasa said it is already experiencing strong recovery as stay-at-home restrictions lift and popular vacation destinations reopen. Recent data from the company shows an increase in daily reservations in more cities, and a reduced booking window between the time a guest books their vacation and the date of their expected vacation:
- Guest reservations booked in May were six times those booked in April, indicating an increased interest in leisure travel.
- During the height of the crisis, Vacasa had guest bookings in only 357 U.S. cities. This has increased to 723 U.S. cities.
- In April, Vacasa saw its booking window peak at 142 days, signaling that guests were booking trips further out. Since mid-May, Vacasa’s booking window is back down to 40 days, inline with 2019 averages.
The company recently launched Vacasa Premium Clean, a new program that meets or exceeds all currently published CDC recommendations and follows Vacation Rental Management Association’s SafeHome guidance.
“We are excited to continue our partnership with Vacasa, which has spent the past decade delivering exceptional experiences to its guests and strong financial returns to its homeowners,” said Joerg Adams, managing director at Silver Lake. “We believe in the team, the business model and the customers and communities Vacasa serves, and that this investment enables the company to continue to innovate and to maintain its strong growth trajectory.”