The Latest Update on the Casago–Vacasa Merger (and Why It’s Not Final Yet)

Vacation Rental Scale-Up · Mar 26, 2025 · 5m

Vacasa was once the biggest name in vacation rentals — a $4.5 billion powerhouse that raised over $830 million and acquired companies like TurnKey and Wyndham. But by 2025, its valuation had dropped by over 97%, it had laid off thousands, and the dream was slipping away.

Then came Casago — a smaller, franchised operator led by former U.S. Army Ranger Steve Schwab. With just 5,000 properties, Casago shocked the industry by making a bid to buy Vacasa. What followed was a high-stakes bidding war with hedge fund Davidson Kempner, insider drama, and one of the most talked-about mergers in the…