Travel in state Vacasa

Good morning from Skift. It’s Friday, May 10. Here’s what you need to know about the business of travel today.

Vacasa announced it will fire 320 employees, including members of local operations and central teams, and Chief Operating Officer John Banczak is leaving the company, as well.

Vacation rental property manager Vacasa is eliminating 1,300 positions, which was 17 percent of its workforce, as the company determined it had to make deeper improvements to operations. The firings took place Tuesday, just three months after the company axed 280 staffers.

Vacation rental property manager 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.

Property manager Vacasa is seeing itself through some unfavorable market dynamics such as a revenue decline and homeowners expressing disappointment in their income, but is forecasting “slight” profitability on an adjusted EBITDA basis for full-year 2023 as it continues to cut costs and push for operational efficiencies.