Vacation rentals were once the lifeblood of the American vacation industry, with some of the largest brands operating hundreds of thousands of vacation rentals nationwide.
But as luxury travel, vacation rentals have since become increasingly difficult to find in the United States, and vacation rental companies are finding themselves in a financial squeeze.
As of the end of June, rental travel company Evolve was down by $150 million, according to the company’s most recent quarterly earnings report.
Evolve’s CEO, Peter Cramer, was forced to resign in April after the company suffered a series of major missteps in a major expansion effort in Asia.
Cramer is now stepping down from his position, and the company announced this week that it was closing down its three Florida locations and moving operations to China.
It’s a major blow to Evolve, which is a popular brand for vacation rentals in Florida, where it operates out of the Orlando International Airport.
The move will cut Evolve out of a market that has grown increasingly popular as more and more Americans travel abroad.
The company had a turnover of $6 billion last year, according the company.
Evolved was one of the fastest growing vacation rental brands in the U.S. last year.
Cohn, who owns more than 20 million shares in Evolve and owns more resorts in Florida than any other American, says he expects to lose a substantial amount of money on the move.
In the past, Evolve has operated in about 40 states and the District of Columbia, according its website.
Cheryl Wray, a spokeswoman for Evolve in Florida who spoke to Fox News on condition of anonymity, said the company had not been notified of the potential closure of its operations.
The company’s operations in Florida will remain, but Wray said the brand will be rebranded as a subsidiary of the Evolve Group.
“We’ve had some significant issues in recent months with Evolve with staffing, staffing levels and the overall health of the company,” Wray told Fox News.
“But we’ve also seen a lot of great growth and we’re excited about the future.”
In addition to the Evolved brand, Cramer has said that he plans to sell the Florida-based luxury travel company, which was founded in 1986.
In a recent interview with the Wall Street Journal, Cerna said he was looking to sell his stake in the company in a sale that could take place by the end-March.
The move will likely be met with resistance from vacation rental owners, who argue that the business model is unsustainable.
The Evolve vacation rentals business is currently in a legal fight with its largest competitor, the American Dream Vacations, which operates in Florida and is owned by former vacation rental business founder John Hirsch.
In June, Hirsch told the Wall Journal that he was willing to sell Evolve to Hirsch’s company.
Hirsch, however, said in a statement that he and Cramer are still in agreement on the company and that they are working towards a deal.
In a statement, Evolved said the new management team will be looking to build the company into a diversified luxury travel brand that “delivers quality vacation rentals to millions of guests around the globe.”
It added that it has also made “significant investments” in other areas, including in marketing, digital and technology.
A spokeswoman for the Evolving Group declined to comment for this story.