VTtrips acquires Carolina Retreats, Silver Sands, Miss Kitty’s and Tybee Vacation Rentals
VTrips announced the recent acquisition of four vacation rental management companies, expanding its US portfolio to 7,000 properties and 1,000 employees.
VTrips acquired Carolina Retreats in Topsail, North Carolina 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 former president of the Vacation Rental Management Association (VRMA), made the following statement to the owners of the company: “Since June 1, Carolina Retreats has partnered with VTrips Holdings, a vacation rental based in Florida management company led by my good friend, Steve Milo. Steve, Stuart (Pack, vice president and COO of Carolina Retreats) and I go back a decade to when Steve was one of my first mentors as I started working in the vacation rental management. We served on the board of directors of the Vacation Rental Management Association (VRMA), where Steve was instrumental in helping me come up with innovative ideas to help improve our homeowners’ income and property and delight our guests “.
Harrington will retain full ownership of its hospitality investment business.
According to VTrips founder and CEO Steve Milo, VTrips has offered equal or higher pay positions 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 we can to create a positive environment for them. As some large domestic buyers operate more like “strip miners” in our industry, we are meeting more and more sellers who want a buyer who hires all their staff, takes care of their brand and heritage, and allows them to 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 matters and VTrips continues to be the # 1 leader among national vacation rental companies by EBITDA (earnings before interest, taxes, depreciation and amortization), year-over-year compounded EBITDA growth and EBITDA margin. on revenues “.
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 that a deal can be moved at lightning speed,” said Milo. “We also know that Ben and his team have personally checked the companies, making them more attractive.”
Jacobie Olin, RSPS, president of C2G Advisors represented Miss Kitty’s Fishing Getaways during the acquisition. “It has been a pleasure to represent Dawn Huff on Miss Kitty’s Fishing Getaways through the acquisition. She has built a strong brand in Rockport and we are happy to see VTrips lead the company into the future. It was an ongoing and professional process that the VTrips team worked with throughout the transaction, ”said Olin.
“We tell sellers that some large domestic buyers are an option if they plan to move to another state or country and change their cell phone. Some sellers think it’s fun. I always have a lot of great stories to share when I meet sellers in person,” he said. added Milo. “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 values.”
Milo said VTrips is well positioned to compete for industry leadership in the North American resort vacation rental market.
“As a business-friendly Florida-based firm, with a founder and owner still in office and supporting the industry in defense and volunteering, VTrips is positioned to expand rapidly as other large companies deal with leadership and equity turmoil. “, he has declared . Milo is also president of the Florida Professional Vacation Rental Coalition, which has raised over $ 250,000 in the past two years. He is also a member of the VRMA Advocacy Committee, which has raised over $ 470,000 in 2022 so far.
“Some companies and CEOs are passionately concerned about the future of the industry, and some are just outsiders worried about getting out of this industry quickly before their operational problems implode on them,” said Milo, adding that the industry Once sleepy vacation rentals is rapidly changing. “With these changes, some vacation rental owners are taking their chips off the table and the company they choose to sell to could be factor # 1.”
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.