VTrips Expands Portfolio To 7,000 Vacation Rentals, 1,000 Employees
PONTE VEDRA, Fla., June 9, 2022 -- VTrips announced the recent acquisition of four vacation rental companies, expanding its portfolio throughout the United States to 7,000 properties and 1,000 team members.
VTrips acquired Carolina Retreats in Topsail, N.C., with 435 properties; Tybee Vacation Rentals near Savannah, Ga., with 300 properties; Silver Sands Vacation Rentals in Port Aransas, Texas, with 320 properties; and Miss Kitty's Fishing Getaways in Rockport, Texas, with 150 properties.
These companies joined the VTrips family following the addition of several other companies in the past 60 days, including Southern Vacation Rentals in Destin, Fla, with more than 1,100 properties.
According to VTrips Founder and CEO Steve Milo, the recent acquisitions were made from the company's operating profits and commercial bank debt. "Profitability matters, and VTrips continues to be the #1 leader of national vacation rental companies for EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization), compounded EBITDA growth year over year, and EBITDA margin to revenue."
Ben Edwards of Weatherby Consulting LLC advised Carolina Retreats, Tybee Vacation Rentals and Silver Sands on the sale of the companies. "Having Ben and the team at Weatherby Consulting involved ensures a professional process and that a deal can be moved at lightning speed," Milo said. "We also know Ben and his team have personally vetted the companies, making them more attractive."
Jacobie Olin, RSPS, president of C2G Advisors LLC represented Miss Kitty's Fishing Getaways during the acquisition. "It was a pleasure representing Dawn Huff at Miss Kitty's Fishing Getaways through the acquisition. She has built a strong brand in Rockport, and we're happy to see VTrips lead the company into the future. It was a seamless and professional process working with the VTrips team throughout the transaction," Olin said.
Amy Gaster, co-owner of Tybee Vacation Rentals, shared the news with her team by saying, "After much deliberation, we made the decision to join forces with VTrips, a growing national vacation rental company based in Florida founded by our long-time vacation rental industry friend and colleague, Steve Milo. We would not make this move with just anyone or any company. We know that our local approach, brand, processes, people, and relationships with property owners, employees and guests are the keys to our success. Steve and his board are aligned with our core values and goals and will work alongside our team and us to continue the great local company we have built. In addition, by partnering with VTrips, TVR gains access to a remarkable range of additional resources and opportunities to serve our homeowners, employees and guests."
Mike Harrington, founder of Carolina Retreats, offered the following statement to the company's property owners: "As of June 1, Carolina Retreats has partnered with VTrips Holdings, a Florida-based vacation rental management company led by my good friend, Steve Milo. Steve, Stuart (Pack, vice president and COO for Carolina Retreats) and I go back over a decade when Steve was an early mentor of mine as I was getting started in the vacation rental management industry. We served on the board of the Vacation Rental Management Association (VRMA) together, where Steve was instrumental in helping me bring back innovative ideas to help improve our homeowners' revenue and property care and delight our guests."
According to Milo, VTrips offered positions at the same or better pay and benefits to all employees of Carolina Retreats, Tybee Vacation Rentals, Silver Sands and Miss Kitty's Fishing Getaways.
"VTrips believes that employees are the lifeblood of these companies, and we are doing everything possible to create a positive environment for them. As certain large national buyers operate more like 'strip miners' in our industry, we are encountering more and more sellers who want a buyer that will hire all their staff, take care of their brand and legacy, and allow them to live proudly in their community," Milo said.
"We tell sellers that certain large national buyers are an option if they intend to move to another state or country and change their cell phone. Some sellers think this is funny. I always have a lot of good stories to share when I meet sellers in person," Milo added. "Most sellers dedicated their lives to building a legacy and making great memories for their guests and employees, and they want a buyer who shares their same values."
Milo said that VTrips is well positioned to compete for the industry lead in the resort vacation rental market in North America.
"As a company headquartered in business-friendly Florida, with a founder and owner still in charge and who supports the industry in advocacy and volunteer work, VTrips is positioned to rapidly expand while other large companies deal with leadership and stock turmoil," he said.
Milo is dedicated to protecting the vacation rental industry and serves as chairperson of the Florida Professional Vacation Rental Coalition, which raised more than $250,000 over the past two years. He is also a member of the VRMA Advocacy Committee, which has so far raised more than $470,000 in 2022.
"Some companies and CEOs care passionately about the future of the industry, and some are just industry outsiders concerned about getting a quick exit from this industry before their operational issues implode on them," Milo said, adding that the once sleepy vacation rental industry is rapidly transforming. "With these changes, some vacation rental owners are deciding to take chips off the table, and the company they choose to sell to may be the #1 factor."
ABOUT VTRIPS: Founded in 2006 by visionary Steve Milo as a management solution for his own Florida rental properties, VTrips is one of the fastest-growing vacation rental management companies in the United States. Now with more than 15 brands and 7,000 private vacation villas, condominiums, and homes in resort destinations throughout Alabama, Florida, Georgia, Hawaii, Maryland, New Mexico, North Carolina, South Carolina, Tennessee and Texas, VTrips believes in staffing its nationwide offices with local experts dedicated to exceeding the expectations of property owners and vacationers. More information at VTrips.com.
Are you considering selling your vacation rental business? VTrips prides itself on continuing local brand legacies, retaining employees, and improving the owner and guest experience.