Vacation Property FinancingHoliday real estate financing
Turn-key Vacation Rentals Procures $31 Million in Series D Financing
TEXAS - AUSTIN, TEXAS - TurnKey Vacation Rentals, Inc. today announces that it has raised $31 million in Series D financing to drive the company's further growth, develop new vacation rentals technology and position itself as a leader in vacation rentals in the U.S. In the five years since its introduction, TurnKey has expanded to offer full-service real estate property managed for more than 3,500 premium vacation properties in the best U.S. tourist resorts.
With this financing round, TurnKey's overall equity has increased to USD 72 million since 2013. "The TurnKey is extraordinary in that its fast pace of expansion was organically driven rather than through acquisitions," said Jeff Diehl, Adams Street Partners' managing director and investment manager. "An experienced on-line tour manager who knows how to scale-up and run accurately in the $100 billion holiday rentals business.
This extra capital expenditure shows our faith in the TurnKey brand's commitment, direction and mode. "TurnKey offers full serviced vacation renting real estate property managed by combining smart home technologies with dedicated on-site crews to provide 24/7 real estate services. Founded by the firm, the in-house technological foundation incorporates intelligent locking systems, decentralized displays, FieldSync homekeeping schedulers and HomeDroid tables mounted in every TurnKey house to help streamline time-consuming home administration operations and provide owners and visitors with a dependable, sophisticated holiday home environment.
Combining advanced technologies with sophisticated business process allows TurnKey to calculate an industry-wide low fee level that represents half of the 35-50 per cent typical of most holiday home owners. "TurnKey has been doubling its annual sales since 2013 and at the same time has expanded into 55 top US markets," said T.J. Clark, TurnKey co-founder and CTO.
"TurnKey is delighted with the ongoing investor endorsement that is helping us to further develop TurnKey as the hotel label of Choice for holiday home visitors and home owners. "Our excitement is the confirmation of our brand of Hospitality and our capacity to inspire our customers every single turnkey property they book," continues Clark.
"Today, the hospitality sector has a high proportion of reservations that go through some big names that are trusted by people. Home owners and travellers are looking for a mark they can rely on to provide durability and value in holiday accommodation, and that's what TurnKey offers. "According to Wells Fargo Privat Equity Research, real estate professionals can increase more than 20 per cent of holiday home owners' net revenues relative to self-management, but less than half of holiday houses are currently owned by real estate.
"Holiday home retailing is still in its early stages, but is expanding fast - by 2020 it will account for about 20 per cent of the world's housing bookings," said Jen Ford, TurnKey's Chief Financial Officer. "United States alone has well over a million vacation cottages. These investments will allow us to take our in-house technologies and world-class managers to more of these homes."