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 roll-ups is here.If you manage properties in Europe, the buyers are coming. The multiples are real.The question is whether you'll be a buyer, a seller, or a spectator.

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A $250 million deal just closed in short-term rentals.

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