Vacasa acquires competitor TurnKey to bolster vacation rental platform

(TurnKey website screenshot)

Portland, Ore.-based vacation rental company Vacasa said Thursday it plans to acquire Austin-based TurnKey Vacation Rentals, one of its primary competitors.

The deal will add another 6,000 listings to Vacasa’s platform, which will now have about 30,000 homes. TurnKey’s 475 employees will join Vacasa, growing its headcount to around 6,000 people. That number includes on-the-ground workers who manage and clean properties.

Founded in 2013, TurnKey had raised $120 million. Vacasa plans to keep TurnKey’s headquarters in Austin.

Vacasa has raised $634.5 million to date, including a $108 million cash infusion in June. The company is No. 2 on the Mekhato 200, our ranking of top Pacific Northwest startups. It hired a new CFO in January with a possible IPO in the future.

In a statement, Vacasa CEO Matt Roberts said the vacation rental sector “continues to see significant gains in market share for accommodations” as hotels take a big hit amid the pandemic. Expedia said last month that its vacation rental platform Vrbo now has a higher revenue per room night than the rest of the company’s lodging business.

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