Nocturne Luxury Villas invests in Paradise Retreats
US: Nocturne Luxury Villas, a platform which invests in and operates luxury vacation rental management companies in exclusive leisure destinations, and private equity fund Gladstone Investment Corporation have announced an investment in Santa Barbara-based villa rental management company Paradise Retreats.
Among the brands already under the Nocturne umbrella are Exceptional Stays / Telluride Rentals, St. Barth Properties, West Indies Management Company and Cabo Villas.
Nocturne was launched in its current guise last June through a partnership between Gladstone Investment, Aureus Capital and members of the executive management team of the existing company.
Founded in 2006 by husband and wife, Theo and Becky Kracke, Paradise Retreats has a portfolio of more than 100 upscale vacation homes in the region, ranging from luxury beach bungalows to mountainside villas and wine country estates.
Nocturne CEO Scott Simmons said: “Theo’s and Becky’s passion for Santa Barbara, which they have called home for decades, is infectious and embodied in the business they have built along this special stretch of California coastline. With their commitment to excellence in five-star hospitality and property management and their dedication to their community, we’re thrilled to be working alongside them and their highly professional team.”
Peter Roushdy, executive vice president and managing director of Gladstone Investment, said: “Nocturne’s singular focus is identifying the highest performing luxury villa rental management teams in one-of-a-kind destinations in order to deliver consistently exceptional service to both our homeowner and guest clients. Paradise Retreats and the market they serve are a perfect match for us.”
Paradise Retreats co-founder and CEO, Theo Kracke, said: “Becky and I are proud of our outstanding team and the company we’ve built together. With the additional resources and deep expertise that Nocturne brings, we’re extremely excited about Paradise Retreats’ next chapter in partnership with them.”