VTrips continues its acquisition spree with Southern Vacation Rentals
United States: Florida-based vacation rental management company VTrips continued its recent wave of acquisitions with the purchase of Southern Vacation Rentals in the same state.
It follows the purchases of Taylor-Made Deep Creek Vacations by VTrips [Maryland] and vacation rentals in Ryson [Texas] already this year, as well as that of Resort Collection in 2021.
Meanwhile, the company announced in August that it had received a “significant” minority investment from private investment firm Hudson Hill Capital. [HHC]the entire capital being financed on the balance sheet.
At the time, CEO Steve Milo said the investment would be used to accelerate VTrips’ acquisition strategy and further strengthen its technology offering, with more than $250 million earmarked to acquire rental management companies. attractive vacation for his short-term portfolio.
The acquisition of Southern Vacation Rentals brings VTrips’ portfolio to 5,000 vacation rentals under management in 35 markets across eight states.
In its current form, Southern Vacation Rentals was founded in 2001 through the merger of two real estate and vacation rental companies, Southern and Pointe South. It has since grown to manage 1,120 whole-home vacation rentals along the northern Gulf Coast, stretching from Fort Morgan, Alabama to Panama City Beach, Florida.
Southern Vacation Rentals CEO Scott Seay told VRM Intel, “Southern was established 27 years ago and has built a legacy in the communities we serve for excellent service to our customers and owners. Like many large regional players, we have not been able to scale beyond our current markets for several reasons.
“Steve and VTrips have successfully conquered that wall and grown through technology, innovation and disciplined execution. Not only have they achieved great success, but they have enabled these well-established brands to continue to operate, while providing valuable resources and support to ensure continued profitable growth.
“At Southern, we are thrilled to be the newest addition to the Vtrips team and look forward to working with Steve and the exceptional staff he has assembled to build a world-class vacation rental company.” he added.
Seay will now become chief strategy officer of VTrips, but the other founders have confirmed that they will be leaving the company upon change of ownership.
Milo recently joined the ShortTermRentalz podcast to discuss VTrips’ technology offering and M&A strategy, key opportunities for rental operators in 2022, and the prospect of the company going public going forward. Listen to the full episode at this link.