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Australia / New Zealand: New South Wales-based short-term rental property management company Alloggio has announced the acquisition of holiday home agency Relaxaway Holiday Homes, based in Queenstown, New Zealand.
Founded in 2011, Relaxaway offer a selection of premier Queenstown holiday houses and apartments for short-term holiday accommodation. Its destinations include Arrowtown, Jacks Point, Kawarau Falls, Kelvin Heights, Lake Hayes, Queenstown and Speargrass Flat.
Alloggio currently owns more than 20 short-term holiday rental brands across Australia, having led an acquisition spree last year which included the purchase of regional players such as Holiday Coffs Coast, Bella Coastal Holidays and Weekenda.
The group’s existing portfolio of properties are located in popular tourism destinations such as Magnetic Island, Noosa, Coolum, Brisbane, Coffs Harbour, Maitland, Port Stephens, Newcastle, Bathurst, Bega, Jervis Bay, Mollymook / Milton, Mornington Peninsula and the Great Ocean Road.
Since raising $16.5 million while going public via an initial public offering [IPO] in November 2021, Alloggio has continued to expand its portfolio across Australia, including acquiring North Queensland-based property management business Best of Magnetic in February 2022, investing $16 million in acquisitions in holiday hotspots as part of a comprehensive six-month expansion programme last August, and purchasing fellow operator A Perfect Stay in an $11 million transaction a year ago.
Founded in 2015, Alloggio Group features two business divisions – holiday property management and mid-market hotels – that use a proprietary in-house technology platform, providing an end-to-end solution for travellers, holiday property owners and managers.
In March last year, it was announced that Alloggio, which is the Italian word for ‘accommodation’, was set to be purchased in a transaction worth around AU$60 million after entering into a Scheme Implementation Deed with Next Capital. Three months later, it was reported that the mid-market private equity firm had agreed to acquire Alloggio at a downgraded valuation of AU$48.2 million [US$32.7 million] after cutting the offer price down by 20 per cent.
