SCOOP: VTrips' Steve Milo Is Out as CEO

Steve Milo is out as CEO of VTrips, but will remain on the board, according to an internal email obtained by Skift.

Scott Seay, chief operating officer of the property management company, will take over as CEO.

In an internal email to employees sent Monday afternoon, Milo, the founder and majority shareholder of the company, said he will still be involved in VTrips.

Milo wrote he will focus on his purpose-built vacation rental projects, including his Smoky Cove development in Gatlinburg, Tennessee.

"As the founder and majority shareholder, I will continue to play a role at the board level in helping Scott and the leadership team achieve their goals," wrote Milo, who confirmed the move to Skift.

VTrips Is Seeking a Recapitalization

Milo, who has been a polarizing figure in the vacation rental industry with his acerbic podcast and persistent attacks on rivals, told Skift that VTrips is in the process of speaking with investment banks about recapitalizing the company.

"With lower ADR and occupancy combined with high labor prices, the U.S. vacation rental market has flipped from a 'seller's market' in 2021 and 2022 fueled by Vacasa to a 'buyer's market' with lower multiples and higher earn outs," Milo texted.

In an interview with Skift Monday afternoon, Seay, the new CEO, said Milo had stepped back from his role in recent months. "I don't see a whole lot changing from day to day," Seay said.

VTrips is operationally sound, and the marketing and revenue teams are going strong, he added.

Seay said he will miss the input of Amber Carpenter, VTrips chief marketing officer, who left the company last week.

Plenty of Work to Do at VTrips

Still, Seay said the company has work to do.

Seay said Vtrips now has around 4,000 units under management while several years ago it projected it would have 7,000 units after numerous acquisitions.

Vtrips didn't do a great job in integrating many of those acquired companies, Seay said.

Once the company manages to recapitalize, it would be on the hunt for more acquisitions, most likely in the Carolinas, Texas, and Florida, Seay said.

"The industry got a little bit of a black eye with the way it turned out from a financial standpoint," Seay said, referring to rival Vacasa's financial struggles since it went public in 2021.

But investors are taking a new look at the sector with Vacasa and others up for sale, he added.

"That's rekindled some interest."