Vacasa, the Portland-based manager of short-term and vacation rentals, just landed a major investment. Private equity firm Silver Lake invested $108 million in the company, in the wake of the COVID-19 pandemic. Vacasa maintains a significant presence in the Boise area.
In March, the company laid off what the Portland Business Journal termed “what could be hundreds of employees globally.” Many of the employees laid off worked out of the Boise office according to postings on LinkedIn.
The new investment from Silver Lake, a leading Silicon Valley-based private equity firm, infuses new cash in the company, according to Reuters.
Vacasa saw a quick decline in reservations as the pandemic took hold. Seattle startup site GeekWire said Vacasa started to see a rebound in bookings in May, with a 600% increase over April
Vacasa’s interim CEO Matt Roberts told GeekWire that he thinks travelers will move toward private vacation rentals instead of hotels due to COVID-related concerns.
The company said when it made the layoffs that it hoped to rehire some employees as travel demand returned. It operates more than 23,000 vacation rentals.