Austin-based TurnKey Vacation Rentals is being bought by Portland, Oregon-based Vacasa, a competing vacation rental management platform.
The financial terms of the acquisition were not disclosed. Turnkey, founded in 2012, had raised $120 million in venture capital. Vacasa has raised $639.5 million to date, including a $108 million Series D round last June, according to Reuters.
TurnKey provides vacation rental management for approximately 6,000 premium homes in more than 80 destinations nationwide.
Vacasa plans to keep TurnKey’s Austin office and its employees, according to a news release. Vacasa has more than 4,000 employees and offices in Portland and Boise, Idaho
The deal is expected to close in a month.
“This is an incredibly exciting day as we plan to welcome TurnKey employees, homeowners and guests into the Vacasa family upon closing of the transaction. 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,” Vacasa CEO Matt Roberts said in a news release. “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.”
By acquiring TurnKey, Vacasa expands its market reach to include Los Angeles and Napa, California; Asheville, Black Mountain, and Holden Beach, North Carolina; and Santa Fe, New Mexico.
“Innovation has been at the core of our business from the start. Our goal is to make vacation rental home ownership more efficient and more profitable for owners through the use of technology,” TurnKey CEO John Banczak said in a news release. “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.”
Vacasa and TurnKey offer full-service vacation rental management to homeowners by providing customer support as well as cleaning and maintaining their properties.