Casago announced on August 20th that it has sold all of the markets it took over in its acquisition of Vacasa. The company says it will conclude the process of moving markets into local franchise ownership or new ownership structures in September, sixteen months after the deal closed on May 1st, 2025.
The acquisition combined two very different companies. Vacasa ran the largest vacation rental management operation in North America from a centralized corporate structure. Casago runs a franchise model where local operators own their own P&L on shared national systems. At the time of the deal, the combined company managed more than 40,000 properties across North America, Central America and the Caribbean.
Who Bought the Vacasa Markets
The new owners range from destination-based operators running a single territory to larger regional groups managing several markets with their own local teams. All of them run on Casago's platform and operational standards. Casago describes the outcome as "local franchise ownership or new ownership structures," which indicates that not every market ended up with a franchisee.
"In just over 12 months, Casago has moved from acquisition to full market transition while maintaining continuity for homeowners, guests and local teams," said Casago Chief Operations Officer John Banczak.
A 15-Month Casago Conversion
The announcement caps a story we've followed since early 2025, when Vacasa accepted Casago's raised bid of $5.30 per share over a higher offer from hedge fund Davidson Kempner. The deal closed that May at a value of about $130 million, and the market handoffs started soon after. Casago San Diego took over more than 150 coastal homes. Bolivar Vacations doubled its Texas Gulf Coast portfolio with 90-plus former Vacasa properties. Then in July, the conversion went international with Casago Belize, run by the same team that had managed the market for Vacasa.
For homeowners in former Vacasa markets, the September wrap-up makes the change official. A local or regional franchise owner is operating their property, backed by Casago's national network.
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