Virginia-based TowneBank has acquired Railey Mountain Lake Vacations in McHenry, Maryland. Railey Mountain Lake Vacations manages 280 vacation homes and 2 hotels in the Deep Creek Lake area.
According to Lakefront Magazine, “After graduating from Garrett College, Nancy Railey planted roots and began a family in Garrett County, Maryland in the 1980s. Nancy took $300 and an idea for renting family cabins, and turned it into a family business that later became Railey Mountain Lake Vacations, one of the largest vacation rental home companies in Garrett County.”
Nancy became sole owner of Railey Mountain Lake Vacations in 2007.
This is not TowneBank’s first venture into the vacation rental industry. In 2008, TowneBank acquired Corolla Classic’s property management and real estate businesses for $7.2 million, and in 2014, the company purchased Beach Properties of Hilton Head for $8.60 million in cash and stock.
In 2015, TowneBank sold its Corolla vacation rental business to Wyndham, and – in 2016 – TowneBank acquired Oak Island Accommodations for a purchase price of $5.52 million in cash.
Like Beach Properties of Hilton Head and Oak Island Accommodations, Railey Mountain Lake Vacations will operate as a subsidiary of TowneBank.
