Alternative property recommendations play a critical role in vacation rental marketplaces, helping users discover relevant options when viewing a specific listing. However, generating high-quality candidate alternatives presents unique challenges: heterogeneous inventory, geographic constraints, rapid availability changes, and long-tail property distributions. We present a comprehensive study of candidate generation (CG) approaches for vacation rental alternatives, comparing collaborative filtering, shallow embeddings, and graph neural network (GNN) methods. Our experiments on a large-scale vacation rental platform (over 2M active properties) show that a hybrid architecture combining item-based collaborative filtering with GNN-based retrieval improves Recall@300 by 14.8% over the strongest baseline, by leveraging the complementary strengths of the two sources: collaborative filtering excels at early recall for properties with rich interaction history, while GNNs discover diverse, non-obvious alternatives and handle cold-start scenarios more effectively. As a component result, GNN-based embeddings alone substantially outperform shallow Hotel2Vec embeddings (48-68% relative recall improvement across K), motivating their inclusion in the ensemble. Crucially, we examine how CG-stage gains carry through to the downstream ranking stage, and find that a stronger candidate pool yields higher downstream ranking quality, though attributing this effect cleanly is complicated by the coupling between candidate generation and ranker training. This recall-conversion gap is an important consideration for practitioners deploying new retrieval methods in two-stage recommendation systems.

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