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NEWS STORIES
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Editorial comment
05•08•19 Welcome to the latest Short Term Rentalz weekly newsletter!
• Vacation rental management platform Vacasa made another eye-catching announcement this week as it agreed to purchase Wyndham Vacation Rentals.
The transaction, expected to be completed in the autumn and costing around $162 million marked a significant milestone for Vacasa as it grew the firm's expanding portfolio to over 23,000 homes in North America, Central and South America, Europe and Africa. That number includes the addition of up to 9,000 Wyndham Vacation Rentals properties.
AsFurthermore, regional and local Wyndham brands to be brought under the Vacasa umbrella include Hatteras Realty, ResortQuest, ResortQuest Whistler, Smoky Mountains Property Management, Kaiser Realty, Corolla Classic Vacations and Vacation Palm Springs.
Casting a wider eye over this deal, it is an indication that Vacasa is taking its aggressive expansion strategy up a notch, having already signalled its intent to make statement acquisitions of Sea to Sky Rentals in Seattle and Sterling Resorts in Florida.
It follows on from our interview with COO Bob Milne in March, when he said Vacasa was keen to continue its primary organic growth strategy in Europe in the coming years.
In other news, Short Term Accommodation Association (STAA) chair Merilee Karr has welcomed the news in London that a tenant who sub-let his own flat on Airbnb has been evicted from his home and received a record fine of £100,000 in the process.
It came about as Westminster City Council created a housing standards task force to address rogue landlords, with investigations ongoing into over 1,500 suspicious short-term rental cases in London.
Karr said: "These individuals are responsible for severely undermining trust in the short-term accommodation sector. As the industry body, the STAA’s role is to create an environment for the responsible growth of the short-term letting sector in the UK."
"It’s why we work tirelessly with our members and in partnership with local authorities to educate homeowners about their roles and responsibilities of offering up their properties for short-term letting," she added.
The move shows that cities are showing more willingness to clamp down on rogue landlords listing on Airbnb, as seen in cities such as Paris, Berlin, Barcelona and Amsterdam.
If you have a story you want us to tell the industry, please click here and get involved with the community by commenting on our news stories on our website.
Paul Stevens, reporter
paul@internationalhospitality.media
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UPCOMING EVENTS
19 September 2019
Dubai, MEA
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International Hospitality Media is the premier specialist in online publishing; conference, exhibition and events, and advisory services for niche growth sectors of the hospitality industry. The company publishes three industry-leading b2b websites - BoutiqueHotelNews.com and ServicedApartmentNews.com and ShortTermRentalz.com which keep their respective sectors up to speed with news, comment and opinion.
Our conference experience spans four continents and covers high growth segments including boutique, lifestyle and hybrid hotels, serviced apartments / aparthotels and extended stay, and vacation rental. Our events are renowned for their intense focus and attract quality industry leaders, brands and independents, providing unparalleled networking and learning opportunities. We also organise bespoke educational events and investor breakfasts to bring owners, operators and investors together.
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