Casago Acquires Vacasa, Reshaping Vacation Rental Landscape

Phoenix-based vacation rental management company Casago has announced its acquisition of Portland-based competitor Vacasa, marking a pivotal shift in the vacation rental industry. Vacasa, with nearly 38,000 properties—eight times Casago’s portfolio—has struggled in recent years, leading to this merger.

The deal takes Vacasa private, three years after its public debut via a SPAC merger with TPG Pace Solutions at a $4.4 billion valuation. Despite initial success, Vacasa faced declining revenue, reporting $314 million in Q3 2024—a 17% year-over-year drop—and multiple layoffs, including the departure of COO John Banczak. Banczak, who co-founded Turnkey Vacation Rentals, now joins Casago as COO.

Founded in 2001, Casago manages nearly 5,000 properties across the U.S., Mexico, Costa Rica, and the Caribbean. Casago’s franchise model, empowering local managers to make decisions, is a key factor in its success. Industry expert D. Brooke Pfautz praised the model for its ability to scale sustainably, contrasting it with Vacasa’s centralized approach.

The merger values Vacasa shares at $5.02 each, a 32% premium over its last trading price. Existing Vacasa investors, including Silver Lake and Riverwood Capital, will retain minority stakes. Roofstock, a single-family rental investment platform, will also provide strategic guidance to the combined entity.

“This merger strengthens our commitment to personalized, locally-empowered service,” said Casago CEO Steve Schwab. Vacasa CEO Rob Greyber added, “Pairing national scale with local expertise, we aim to redefine vacation rental property management.”

The transaction is set to close by early Q2 2025.

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