TowneBank Sells Towne Vacations to Belcrest Vacations for $250M
Summary
TowneBank sold its vacation rental arm, Towne Vacations, to Belcrest Vacations for $250 million, a 4.3x revenue multiple. Belcrest Vacations, backed by Alpine Investors (AirDNA), aims to support local operators. The deal includes management of approximately 3,000 contracts across several regional brands in the Southeast and Mid-Atlantic.