Twenty vacation rental property managers rolled a collective $100.4 million into equity of their new parent company, Pavilion — a rollup structure that leaves the sellers, not private equity, in majority control.

Pavilion launched in May as Stakeholders VR, acquiring 20 local vacation rental companies in a single closing. The rebrand to Pavilion went live Sunday, along with a new website, Pavilioncollection.com.

Each acquired operator sold 100% of its business to the parent, took some liquidity, and rolled equity back in. Pavilion declined to disclose how much its investors contributed but said total deal value was considerably larger than $100.4 million.

"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."

Private equity holds the minority position: TZP Group, BlackRock's HPS Investment Partners, and Capital Dynamics. PGIM serves as the primary lender.

Where does Pavilion rank in the U.S. market?

With about 5,000 properties and roughly 50,000 guests a month, Pavilion ranks fifth among U.S. vacation rental managers on the Comparent 100 list, behind:

• Casago (34,000 properties)
• Evolve (30,070)
• AwayDay (18,900)
• Monarch (5,800)

How does the operating model work?

Local operators keep their brands, their property management software, and control of guest operations, owner relations, hiring, and maintenance. A central team of about two dozen people runs accounting, payroll, insurance, payments, and technology.

That split directly counters the playbook of Vacasa, which centralized roughly 200 acquisitions over a decade. Fraiman pointed to Vacasa's homeowner churn as the cautionary tale; Casago bought the struggling manager in 2025.

Can the model scale?

Three pressures will test the structure:

• Private equity investors will want returns.
• Majority-owner operators will seek to retain autonomy.
• Running a dozen or more separate software systems raises efficiency questions.

Pavilion is already shopping for more acquisitions. Fraiman said the company would love to be dramatically larger a year from now — a projection that hinges on whether seller-majority ownership can outperform the centralized rollups it set out to avoid.