Pavilion, a vacation rental management company with about 5,000 properties, is rolling up local operators with a twist: the operators who sold their businesses and the management team own the majority, with private equity holding a minority stake.
The company launched in May as Stakeholders VR by acquiring 20 local vacation rental companies in a single closing. The rebrand to Pavilion went live Sunday along with a new website, Pavilioncollection.com.
Under Pavilion’s structure, each acquired property manager sold 100% of their businesses to the parent company. Owners received some liquidity and rolled a collective $100.4 million into equity in Pavilion. These local operators and the management team have majority ownership.
“The people who built these businesses and the people running them own most of Pavilion,” co-founder and chairman Joe Fraiman told Skift. “As far as we know, no other national vacation rental manager can say that.”
Source: skift.com
