Skift Take
Consider this a peek behind the curtain of VTrips, which has not been immune from the layoffs rocking the property management industry.
Florida-based VTrips, a vacation rental property management company, laid off around 75 employees, more than 9% of its full-time workforce, in late September, Skift has learned.
A privately held company, Vtrips has seldom — if ever — discussed layoffs, but founder and CEO Steve Milo confirmed the 75 layoffs, although he characterized them as "seasonal layoffs," and "planned synergies."
"VTrips expanded in 2021 and 2022 through M&A and has spent 2023 synergizing costs," Milo said. "Similar to other property management companies in the U.S. market, we saw ADR and occupied nights reduce in 2023 vs. our budget by about 10%. Unlike some of our