Luxury hospitality juggernaut Aman is entering an unprecedented period of growth. After amassing 34 luxury hotels in 35 years, it now plans to open 11 hotels and resorts for its off-shoot brand Janu over the next four years, Skift has learned.
25.08.2023 - 13:40 / skift.com / Srividya Kalyanaraman
Vacation rental property manager Vacasa received a notice of delisting from Nasdaq because the company failed to satisfy the minimum bid price listing rule as its common stock traded below $1.00 per share for 30 consecutive business days.
This is just days after hospitality company Sonder, which leases buildings and operates hotels, received a similar notice from Nasdaq.
Like Sonder, Vacasa also has a grace period of 180 calendar days (until October 24, 2023) to regain compliance with the minimum bid price requirement — where the closing bid price of its common stock should be at least $1.00 per share for at least 10 consecutive business days during this grace period.
Founded in Portland, Oregon in 2009, Vacasa has had a rather tumultuous few years since it went public in 2021. Within a year’s time the company laid off three percent of its workforce to focus on breaking even. Another round of downsizing followed in January this year, where the company slashed 17 percent of its workforce.
Following that, Vacasa saw an increase of homeowner “churn,” namely properties abandoning its platform, in the fourth quarter and into 2023, and forecast that its average gross booking value per home would dip this year. Among a variety of glum forecasts the company officials made for 2023, Chief Financial Officer Jamie Cohen said Vacasa’s home count under management could decline in 2023, in part because of its sales force reductions, and shift in strategy toward signing up individual homes rather than focusing on acquiring portfolios of properties.
The company also announced it would shutter its real estate brokerage division in the second quarter. That unit “generated about $20 million of revenue and negligible profit in 2022,” the company said.
The property management company saw revenue jump 14 percent year over year to $218 million in the fourth quarter of 2022, surpassing its guidance range of $195 million to $215 million, even as it posted a net loss of $302 million in the last quarter of 2022.
The company is set to announce first quarter 2023 financial results on Tuesday, May 9.
Both Vacasa and Sonder went public through special purpose acquisition company mergers, a streamlined alternative to a traditional initial public offering.
Luxury hospitality juggernaut Aman is entering an unprecedented period of growth. After amassing 34 luxury hotels in 35 years, it now plans to open 11 hotels and resorts for its off-shoot brand Janu over the next four years, Skift has learned.
Property manager Vacasa announced its intent to conduct a one-for-20 reverse stock split that’s geared to get its share price higher than $1 per share and therefore to be continued to trade on Nasdaq.
Home was close for Emma Giantisco and Dylan Marton.
This as-told-to essay is based on a conversation with Rowena Shek. It has been edited for length and clarity.
A disabled United States Army veteran wants "accountability" from American Airlines after he says he hurt his knee aboard a recent flight thanks to a seat that was not back in the upright position during landing.
A TikToker shared her "travel journey from hell," saying her flight was canceled due to a huge storm in the popular holiday destination of Mallorca, Spain.
A Lufthansa pilot drew a penis-shaped flight path in the sky last week after being diverted from Catania airport in Sicily.
The incongruous sight of tourists enjoying Maui's tropical beaches while search-and-rescue teams trawl building ruins for victims has outraged some residents.
The Federal Aviation Administration (FAA) on Monday issued the airworthiness criteria that Archer Aviation will need to meet for its M001 air taxi to be certified for use.
Capital One, which led a $170 million investment round in travel app Hopper in 2021, has added $96 million to the kitty, and the companies announced a long-term partnership between Hopper and Capital One Travel.
Hospitality company Sonder Holdings said that it has been investigating a data breach involving unauthorized access to some guest records.
Pure Michigan is back. The advertising arm of Travel Michigan, the state’s official tourism promotion office, is launching a national winter marketing campaign for the time since 2019, featuring videos showcasing Michigan as a prime destination for cold weather adventures.