TowneBank announces Venture Resorts acquisition

US: Housing lender TowneBank has acquired cabin rental company Venture Resorts, adding almost 400 new properties in the Smoky Mountains to its Towne Vacations portfolio.

Venture Resorts, which was voted the number one family resort in the Smokies by Southern Living, is the largest cabin rental company in the Smoky Mountains.

Venture Resorts’ hospitality and management teams will continue to manage operations at the properties. Within TowneBank’s portfolio, each vacation property management company operates independently under the Towne Vacations name.

Billy Parris, general manager of Venture Resorts, said: “We are delighted to share the allure of the Smoky Mountains with a wider audience by joining the TowneBank family of companies.”

The 400 new properties, which can accommodate groups of all sizes, are located near the popular Tennessee cities of Gatlinburg, Pigeon Forge, Wears Valley and Sevierville. The properties provide accommodation for travellers visiting Great Smoky Mountains National Park, the most visited national park in the country.

The acquisition of Venture Resorts, effective from 1 July, marks a significant expansion of the Towne Vacations portfolio. With the new additions, Towne Vacations will now manage over 1,900 rental properties in Hilton Head, South Carolina, Oak Island, North Carolina, Deep Creek Lake, Maryland, and the Smoky Mountains.

Brian Skinner, president and CEO of Towne Financial Services Group, which oversees vacation property management, said: “This is an exciting development for Towne Vacations. The Smoky Mountains offer unbelievable vacation experiences, and we are fortunate to have the Venture Resorts management and hospitality teams in Pigeon Forge to keep operations going as before.”