Local vacation rental management firm Carolina Retreats has become part of Florida-based VTrips Holdings, according to Mike Harrington, former Carolina Retreats owner.
Harrington said Carolina Retreats, which has a portfolio of more than 400 properties on Oak Island, Pleasure Island, Topsail Island and Wrightsville Beach, will continue on as is but is now part of VTrips' collection of companies. With the addition of Carolina Retreats, VTrips has close to 8,000 properties under management in multiple states, he said.
The companies did not disclose the financial details of the merger.
At the same time as it added Carolina Retreats, VTrips also acquired Silver Sands Vacation Rentals in Port Aransas, Texas; Tybee Vacation Rentals near Savannah, Georgia; and Miss Kitty’s Fishing Getaways in Rockport, Texas, according to a VRM Intel article.
"It really added fuel to the fire of the [Carolina Retreats] business with bringing in this group, who's got a tremendous amount of experience in vacation rental management," Harrington said. "They're able to bring additional capital resources to help grow and add opportunities for Carolina Retreats and we're very excited for that."
The 50 staff members who support Carolina Retreats will remain in place, according to Harrington, and the company's vice president and COO Stuart Pack has taken on the top leadership role. Harrington will act as an advisor.
"It was a good opportunity to take some chips off the table and continue to help the business grow, but in a different capacity, and I've been kind of focused on some more personal investments," Harrington said.
Specifically, Harrington and his wife, Holly, have launched Carolina Resort Co., which recently closed on the $7 million purchase of the Loggerhead Inn & Suites in Surf City from previous owner Richard Stroupe. The 29-room hotel was completely renovated in 2020.
Carolina Resort Co. is a "real estate investment and operations company for these niche hospitality properties," Harrington said. In addition to the Loggerhead Inn & Suites, the company also owns and operates The Beach House Motel & Suites at Oak Island and The Tranquil House Inn in Manteo.
Growth is also a goal for Carolina Resort Co.
Harrington said, "We are looking for more niche hospitality assets to acquire, upgrade and operate under our model."