On April 6, 2026, TowneBank (Nasdaq: TOWN) finalized the sale of its resort property management segment, operating as Towne Vacations, to Belcrest Vacations Acquisitions, LLC. The cash transaction was valued at $250 million. The sale price represents a 4.3x revenue multiple based on $58 million in revenue.
William I. Foster III, President and CEO of TowneBank, stated the offer was “too good to turn down,” citing a lack of operational synergy between vacation rentals and the bank’s core financial services.
Acquired Portfolio and Regional Footprint
Along with 340 employees, the acquisition includes management of approximately 3,000 vacation home rental contracts across the Southeast and Mid-Atlantic. The portfolio includes several established regional brands:
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- Beach Properties of Hilton Head (Hilton Head, SC)
- Oak Island Accommodations (Oak Island, NC)
- Bryant Real Estate (Wrightsville Beach, NC)
- Railey Vacations (Deep Creek Lake, MD)
- Venture Resorts / Cabins of the Smoky Mountains (Sevierville/Pigeon Forge, TN)
- My Vacation Haven (Northwest Florida)
Who Is Belcrest Vacations? 
Belcrest Vacations is a newly formed platform vacation rental company backed by California-based Alpine Investors, the private equity firm that acquired AirDNA in 2022. Belcrest Vacations was founded by Ben Edwards who previously served as the managing director of Towne Vacations and now takes on the role of Chief Strategy Officer.
According to Edwards, Belcrest Vacations was created with a clear mission of “supporting local operators to maintain local stewardship. This philosophy combines the resources and expertise of experienced investors with the irreplaceable local knowledge of on-the-ground teams.”
“Belcrest Vacations is purpose-built to preserve what makes each regional brand special while providing the operational support and infrastructure needed to grow,” Edwards added. “This approach mirrors successful models seen across the industry, where strategic investment has helped legacy vacation rental businesses modernize, scale, and better serve both homeowners and guests—without losing the local identity that built their brand reputations.”
The company was established in 2026 and is currently preparing for an official launch, with more details to be announced soon.
