PORTLAND — Portland vacation rental management company Vacasa said Tuesday it will spend $162 million to buy a similar business run by vacation industry giant Wyndham Destinations.
It’s a blockbuster bet by the fast-growing Portland company, which will grow its property portfolio by 64 percent to more than 23,000 homes. Privately held Vacasa is financing the deal with cash, company stock and $90 million in borrowing.
Vacasa said it now expects more than $1 billion in bookings over the next 12 months and revenue of more than $500 million, catapulting the Pearl District company into the ranks of Oregon’s largest businesses.
Vacasa said it grew by more than 60 percent last year. On Tuesday morning, CEO Eric Breon said the Portland company’s major challenge now will be to continue rapid growth now that it’s a much bigger organization.
