A $250 million deal just closed in short-term rentals.
TowneBank has sold Towne Vacations to Belcrest Vacations Acquisitions.
Cash. No earn-out. 4.3x revenue.
Belcrest didn't exist a year ago.
It's a newly-formed platform backed by Alpine Investors — the PE firm that owns AirDNA.
3,000 vacation rentals. 340 staff. Five regional brands across the US Southeast and Mid-Atlantic.
And it's part of a pattern.
ViewStay. Avari. Stayterra. Away Day. Monarch.
All new. All PE-backed. All quietly rolling up legacy operators.
In Europe, Eterniti just raised €50m to consolidate luxury villa management.
The Vacasa era is over.
The era of disciplined regional…
The skinny
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