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, is now CEO.

In an internal email to employees sent this afternoon, Milo, the founder and majority shareholder of the company, said he will still be involved in VTrips at the board level to help his successor achieve the company’s goals.

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

Skift got a tip that Milo was stepping away from his CEO role, contacted Milo, and he confirmed the move.

“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,” Milo wrote.

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 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 a Skift interview this afternoon, VTrips’ new CEO, Scott Seay said Milo had stepped back from a day to day role in recent months. “I don’t see a whole lot changing from day to day,” Seay said.

Plenty of Work to Do at VTrips

Still, he 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, forcing the team to clean things up, 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,” he added.

More to come.