VTtrips acquires Carolina Retreats, Silver Sands, Miss Kitty’s and Tybee Vacation Rentals

VTtrips acquires Carolina Retreats, Silver Sands, Miss Kitty’s and Tybee Vacation Rentals

millimeter


VTrips announced the recent acquisition of four vacation rental management companies, expanding its portfolio across the United States to 7,000 properties and 1,000 employees.

VTrips acquired Carolina Retreats in Topsail, NC with 435 properties; Silver Sands Vacation Rentals in Port Aransas, Texas, with 320 properties; Tybee Vacation Rentals near Savannah, Georgia, with 300 properties; and Miss Kitty’s Fishing Getaways in Rockport, Texas, with 150 properties.

Mike Harrington, Founder of Carolina Retreats and Past President of the Vacation Rental Management Association (VRMA), issued the following statement to the owners of the company: “Effective June 1, Carolina Retreats has partnered with VTrips Holdings, a Florida-based vacation rental. management company run by my good friend, Steve Milo. Steve, Stuart (Pack, VP and COO of Carolina Retreats) and I look back over a decade when Steve was one of my earliest mentors as I started out in the property management industry. Holiday rents. We served together on the Vacation Rental Management Association (VRMA) Board of Directors, where Steve was instrumental in helping me bring back innovative ideas to help improve our owners’ incomes and maintenance of our properties and to delight our customers.

Harrington will retain full ownership of its hotel business, but will also play a business development role at VTrips.

According to VTrips Founder and CEO Steve Milo, VTrips offered positions with 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 do everything we can to create a positive environment for them. As some large domestic buyers operate more like “surface miners” in our industry, we are seeing more and more sellers who want a buyer who will hire all of their staff, take care of their brand and heritage, and will live proudly in their community,” said Milo.

According to Milo, the recent acquisitions were made from the company’s operating profits and commercial bank debt. “Profitability is important, and VTrips continues to be the #1 national vacation rental company leader for EBITDA (earnings before interest, taxes, depreciation and amortization), year-over-year EBITDA growth on the other and EBITDA margin on revenue.”

Ben Edwards of Weatherby Consulting advised Carolina Retreats, Tybee Vacation Rentals and Silver Sands on the sale of the companies. “The involvement of Ben and the Weatherby Consulting team ensures a professional process and the ability to close a deal at lightning speed,” Milo said. “We also know that Ben and his team have personally reviewed businesses, making them more attractive.”

Jacobie Olin, RSPS, President of C2G Advisors represented Miss Kitty’s Fishing Getaways during the acquisition. “It was a pleasure to represent Dawn Huff at Miss Kitty’s Fishing Getaways thanks to the acquisition. She’s built a strong brand in Rockport, and we’re happy to see VTrips leading the business into the future. It was a seamless and professional process working with the VTrips team throughout the transaction,” Olin said.

“We tell sellers that some large domestic buyers are an option if they intend to move to another state or country and change cellphones. Some sellers think it’s funny. I always have lots of great stories to share when I meet sellers in person,” Milo added. “Most sellers have dedicated their lives to building a legacy and creating great memories for their guests and employees, and they want a buyer who shares their same values.”

Milo said VTrips is well positioned to compete for industry leadership in the North American resort vacation rental market.

“As a Florida-headquartered, business-friendly company with a founder and owner still in charge and supporting the industry in advocacy and volunteer work, VTrips is well positioned to grow rapidly as that other big companies are dealing with the leadership and equity crisis,” he said. . Milo is also president of the Florida Professional Vacation Rental Coalition, which has raised over $250,000 over the past two years. He is also a member of the VRMA Advocacy Committee, which has so far raised over $470,000 in 2022.

“Some companies and CEOs care passionately about the future of the industry, and some are just industry outsiders keen to get out of this industry quickly before their operational issues implode on them,” Milo said. , adding that the once dormant 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.”

These additions to the VTrips portfolio are the latest in a series of recent acquisitions, including Southern Vacation Rentals in Destin, Florida, and Taylor-Made Deep Creek Vacations in Deep Creek, Maryland.

About Gene Schafer

Check Also

Maryland sisters killed in fire while vacationing in the Hamptons

Two Maryland sisters were killed when a massive fire engulfed the Southampton vacation home their …