PORTLAND, Ore. and ORLANDO, Fla. -Vacasa, North America's largest vacation rental management platform, today announced that it has finalized its acquisition of Wyndham Vacation Rentals from Wyndham Destinations (NYSE: WYND), the global leader in vacation ownership and exchange, for a purchase price of $162 million. Vacasa financed the acquisition of Wyndham Vacation Rentals through a combination of cash and equity. Wyndham Destinations received proceeds at closing of $156 million in cash and $10 million in Vacasa equity. The purchase agreement contains customary post-closing adjustments.

Vacasa signed a definitive purchase agreement with Wyndham Destinations on July 30. Now that the deal has closed, Vacasa will immediately begin to migrate the Wyndham Vacation Rentals portfolio of 9,000+ homes in 50 destinations into its platform. Vacasa will manage more than 23,000 homes across North America, Europe, Central and South America, and Africa.

"The Wyndham Vacation Rentals team brings a tremendous amount of hospitality expertise, and we are excited to welcome them to Vacasa," said Eric Breon, founder and CEO of Vacasa. "Our industry-leading yield management and marketing will generate optimal revenue for homeowners, and the unity of our local teams will continue to create five-star experiences for our guests."

Vacasa will integrate Wyndham Vacation Rentals signature brands including Corolla Classic Vacations, Hatteras Realty, Kaiser Realty, Oceana, ResortQuest, ResortQuest Whistler, Smoky Mountains Property Management and Vacation Palm Springs onto its platform over the next 12 months. The full integration is expected to be complete by the fall of 2020.

In addition to acquiring Wyndham Vacation Rentals property management contracts, Vacasa will absorb management of 140 homeowners associations (HOAs), which will fold under Vacasa Community Association Management. Short-term rental-focused HOAs in Alabama, Colorado, Delaware, Florida, South Carolina and Utah will transition to Vacasa, bringing the total HOAs under management to 156.

"Throughout the past few months, our team has worked closely with Vacasa leadership to establish a path forward for Wyndham Vacation Rentals, our shareholders, our homeowners, our guests and our associates," said Michael D. Brown, president and CEO of Wyndham Destinations. "We believe this transition will maximize the value and strengthen the long-term success of all entities. Our confidence in this strategy is reflected in the equity interest we have retained in Vacasa, and we look forward to the evolution of this thriving business."

About Vacasa

Vacasa is North America's largest vacation rental management platform, offering property management and real estate services directly, and through licensed subsidiaries. Leveraging industry-leading technology, Vacasa maximizes revenue for homeowners and its partners, and provides unforgettable experiences for guests. Founded in 2009, Vacasa and its subsidiaries manage a growing portfolio of more than 14,000 vacation homes in the U.S., Europe, Central and South America, and Africa. In 10 years, Vacasa has grown to more than 3,300 employees, has been honored as the Oregon Better Business Bureau Large Business of the Year and was ranked ninth on the Inc. 5000 Fastest-Growing Companies list. For more information, visit www.vacasa.com.

Forward-Looking Statements This press release includes "forward-looking statements" as that term is defined by the Securities and Exchange Commission ("SEC"). Forward-looking statements are any statements other than statements of historical fact, including statements regarding Wyndham Destinations' expectations, beliefs, hopes, intentions or strategies regarding the future. In some cases, forward-looking statements can be identified by the use of words such as "may," "will," "expects," "should," "believes," "plans," "anticipates," "estimates," "predicts," "potential," "continue," "future" or other words of similar meaning. Forward-looking statements are subject to risks and uncertainties that could cause Wyndham Destinations' actual results to differ materially from those discussed in, or implied by, the forward-looking statements. The forward-looking statements contained in this press release include statements about Wyndham Destinations' plans and strategies and future events, including expectations with respect to future revenue resulting from Wyndham Destinations' equity interest in Vacasa after the transaction, among other things. These forward-looking statements are subject to a number of risks, uncertainties and other important factors, many of which are beyond management's control, that could cause actual results to differ materially from the forward-looking statements contained in this press release, including, among others: (1) Wyndham Destinations' ability to execute on its strategy; (2) the risk that the disposition of Wyndham Vacation Rentals may not prove successful and could result in operating difficulties; and (3) other risks, uncertainties and factors set forth in the section entitled "Risk Factors" in Wyndham Destinations' most recently available Annual Report on Form 10-K, as such risks, uncertainties and factors may be updated in Wyndham Destinations' periodic filings with the SEC. Although Wyndham Destinations believes that these statements are based upon reasonable assumptions, it cannot guarantee future results and readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date of this press release. Except as required by law, Wyndham Destinations undertakes no obligation to update or revise forward-looking statements to reflect new information or events or circumstances that occur after the date of this press release or to reflect the occurrence of unanticipated events or otherwise.

About Wyndham Destinations 

Wyndham Destinations is the world's largest vacation ownership business operating more than 245 vacation club resorts around the world that offer a contemporary take on the timeshare model. The brand portfolio – featuring Club Wyndham®, WorldMark® by Wyndham, Margaritaville Vacation Club® by Wyndham, and Shell Vacations Club – offers travelers the chance to own their vacation and explore places they"ve never visited before, year after year. Nearly 870,000 owners enjoy stays in a home away from home, featuring spacious suites with separate bedrooms, fully-equipped kitchens, living and dining areas, as well as resort-style amenities and services. Learn more at WyndhamDestinations.com.

Steven Goldsmith
Public Relations Wyndham Destinations
+1 407 626 5882
Wyndham Destinations