TowneBank acquires Tennessee cabin rental company

Suffolk-based TowneBank acquired Tennessee-based vacation property rental company Venture Resorts Inc. on July 1, the bank announced Monday.

Financial details of the transaction were not disclosed.

“This is an exciting development for Towne Vacations,” Brian Skinner, president and CEO of Towne Financial Services Group, the division that oversees the bank’s vacation property management activities, said in a statement. “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.”

Venture Resorts provides guest services and property management for vacation property owners in the Great Smoky Mountains National Park and manages close to 400 rental cabins near Gatlinburg, Pigeon Forge, Wears Valley and Sevierville.

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

With the addition of Venture Resorts, Towne Vacations now manages more than 1,900 vacation rental properties. Each vacation property management company operates independently under the Towne Vacations umbrella. As of March 31, 2021, TowneBank’s total assets were $15.08 billion.