Vacasa, once a tech-forward leader in vacation rental management, is undergoing a major transformation. After going public via SPAC in 2021, the company’s stock fell nearly 97%, leading to multiple rounds of layoffs, internal restructuring, and now a sale.
In April 2025, shareholders approved a $5.30 per share buyout from regional operator Casago, choosing deal certainty over a higher $5.83 bid from Davidson Kempner. Vacasa’s board, with support from major investor Silver Lake, cited fewer contingencies and a faster path to closing. Davidson Kempner attempted to revise its offer, including a $12 million termination fee, but ultimately couldn’t overcome concerns about execution risk.
While Vacasa maintains a 4.2-star rating on Trustpilot, guest and owner feedback across other platforms frequently points to breakdowns in communication, uneven property care, and limited responsiveness—particularly in regions without strong local teams. These service inconsistencies have fueled growing dissatisfaction among homeowners.
This sale reflects a larger industry shift: more property owners are rethinking the trade-offs of working with large, centralized firms. While scale brings visibility, it often sacrifices personalized service and on-the-ground support—two things guests and owners increasingly demand.
The finalization of the Casago acquisition marks a pivotal moment, but Vacasa’s future remains uncertain. Working with a national brand may seem attractive, but it comes with real risks—frequent leadership changes, evolving priorities, and corporate instability can leave owners with little recourse. In today’s market, management stability, local accountability, and a thoughtful, service-first approach to property care aren’t just nice to have—they’re essential.
Vacasa Shareholders Approve Acquisition by Casago, Deal to Close Wednesday