Portland, Oregon-headquartered Vacasa, a property management firm overseeing more than 25,000 vacation rental properties worldwide, recently announced its acquisition of Wyndham Vacation Rentals from Wyndham Destinations, a multinational vacation ownership and exchange provider, for $162 million.
Wyndham Destinations received proceeds, at closing, of $156 million in cash and $10 million in private equity, with the purchase agreement containing customary post-closing adjustments.
“The Wyndham Vacation Rentals team brings a tremendous amount of hospitality expertise, and we are excited to welcome them,” Eric Breon, founder and CEO of Vacasa, said. “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.”
The acquired portfolio from Wyndham holds over 9,000 homes in 50 destinations worldwide on the platform. Vacasa will also absorb management of 140 homeowner associations (HOAs), which it will fold into its Vacasa Community Association Management division. Short-term rental-focused HOAs in the Southeast include Alabama, Florida and South Carolina, bringing the total under management to 171.
On the local front, Vacasa will integrate former Wyndham Vacation Rentals signature brand, Gulf Shores-based Kaiser Realty, into its fold. This integration elevates Vacasa’s portfolio in the Gulf Shores, Gulf Highlands and Orange Beach market to over 750 homes by adding some 400 additional units. Vacasa will also manage 11 local area HOAs that were previously under the purview of Kaiser Realty.
The team in Gulf Shores will be led by Randy Kaiser, whose tenure in the vacation rental industry has spanned more than 40 years. In addition, Vacasa plans to retain more than 70 former Kaiser Realty employees in the transition who currently work with a large book of vacation rental property clientele. Plans are also in place to hire more office staff for the area moving into 2020.
Vacasa initially entered Alabama through the acquisition of Laura’s Vacation Rentals in July 2018. Owner Laura Hancock joined Vacasa in a business development role after the transaction was finalized and continues to work with the company in building out the region.
The majority of the 76 homes brought on through the acquisition are located in Baldwin and Mobile counties, with the bulk of the rental property owners residing in Jefferson and Shelby counties.
In August 2018, Vacasa acquired Mandoki Hospitality, located at 805 Plantation Road in Gulf Shores, and added 123 plantation-style condos to its book.
In November 2018 the company acquired Dauphin Island-based Island Resort Management, located at 210 Lemoyne Drive, from local owners Phil Purpura and Dot Small and added some 57 homes from the Mobile County area.
Although not official partners, the duo retained the real estate side of their business, Alabama Realty, and share office space with corporate, referring over potential property management clients.
To date Vacasa has a total of 785 units spread throughout the greater Mobile Bay area and has around 100 local employees on its payroll.
Founded in 2009, Vacasa and its subsidiaries manage a growing portfolio of more than 25,000 vacation homes in the U.S., Europe, Central and South America and Africa. In 10 years, the firm has grown to more than 5,000 employees, and was ranked ninth on the Inc. 5000 Fastest-Growing Companies list. More information about the company can be found at vacasa.com.
USA neurologist first in the state to perform new medical procedure
Steve Cordina, M.D., associate professor of neurology at the University of South Alabama (USA) College of Medicine and an interventional neurologist with USA Health, recently performed the first Comaneci adjustable, remodeling mesh-assisted aneurysm repair in the state of Alabama.
For those unfamiliar with the procedure, endovascular abdominal aortic aneurysm (AAA) repair is surgery to repair a widened area in an aorta (called an aneurysm). The aorta is the large artery in the heart that carries blood to an individual’s belly, pelvis and legs.
The Comaneci device consists of an adjustable, remodeling mesh to assist with aneurysm coil embolization, which allows for aneurysms to be treated without cutting off the blood flow during the procedure. This is an alternative to the usual treatments, which need temporary blood vessel occlusion during the aneurysm surgery.
“The ability to maintain blood flow constantly decreases the risk of complications from traditional aneurysm procedures,” Cordina said. “It provides similar benefits to intracranial aneurysm stent-assisted coiling, with an advantage of not having to leave a stent in the blood vessel that would need treatment with blood thinners afterwards.”
The procedure also allows for more patients to be treated in a minimally invasive manner. This improves patient recovery since patients can go home the next day. Traditional open procedures that are more invasive require a longer recovery period.
“USA Health is providing cutting-edge neurovascular technologies that allows our patients to stay in Mobile for treatment,” Cordina said. “This fits in with the other comprehensive neurological services that we provide to our region.”
Ambrecht Jackson recognized in U.S. News & World Report
According to a news release, local area law firm Armbrecht Jackson LLP received 21 “Tier 1” rankings in the 2020 ranking of “Best Law Firms” in the local market by U.S. News & World Report and Best Lawyers.
Some of the practice areas mentioned in the rankings included: corporate, commercial litigation, labor, medical malpractice, natural resources, personal injury, real estate and workers’ compensation law.
“We are particularly gratified that our clients have spoken favorably of us and proud that our firm remains on top with the most Tier 1 ratings of any law office in Mobile,” Duane A. Graham, managing partner of Armbrecht Jackson LLP, said.
The rankings are based on a rigorous evaluation process that includes the collection of client and lawyer evaluations, peer review from leading attorneys in their field and review of additional information provided by law firms as part of the formal submission process. The 2020 Best Law Firms rankings can be seen at bestlawfirms.usnews.com.
Founded in Mobile in 1897, Armbrecht Jackson LLP reportedly has more than half of its legal team listed in Best Lawyers as well as the most U.S. News & World Report Tier 1 rankings among firms located in Mobile. More information can be found at ajlaw.com.
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