Australia: New South Wales-based short-term rental property management company Alloggio has announced that it has acquired 100 per cent of fellow operator A Perfect Stay in an AU$11 million transaction.
As a result, Alloggio, which is the Italian word for ‘accommodation’, has added more than 270 holiday properties in key tourism destination areas such as the Gold Coast, New South Wales [including the greater Byron Bay region] and Melbourne to its growing portfolio, which now stands at over 2,200 properties under management.
The company said that the acquisition would be integrated on to Alloggio’s proprietary cloud-based technology platform to provide an end-to-end management solution for holiday property owners. In addition, it confirmed that the daily operations of A Perfect Stay would initially continue to be overseen by the existing management team and supported by Alloggio.
Acquiring A Perfect Stay will allow Alloggio to enhance its footprint on the east coast of Australia, while the company will also seek to drive further organic growth opportunities and efficiencies over time.
Alloggio founder and CEO, Will Creedon, said: “We are very pleased to announce today that Alloggio has executed binding agreements to further expand into new holiday tourism destinations including the Gold Coast, NSW North Coast and Melbourne through the acquisition of A Perfect Stay, the leading holiday property management company in Byron Bay. This acquisition occurs as we head into the key summer holiday period.
“These latest acquisitions are consistent with Alloggio’s strategy of growing holiday property management rights in regions that attract holiday makers from Australia and abroad,” added Creedon.
Alloggio added that it would fund the acquisition from existing cash reserves and available debt facilities.
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.
The group’s portfolio of properties are located in popular tourism destinations across Australia, including 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] last November, Alloggio is continuing to expand its portfolio across Australia, including acquiring North Queensland-based property management business Best of Magnetic in February and investing $16 million in acquisitionsin holiday hotspots as part of a comprehensive six-month expansion programme.
A month ago, the company also announced a distribution partnership with Homes & Villas by Marriott International [HVMI] to extend its global reach. Consequently, a collection of 1300 Alloggio holiday rental properties [70 per cent of the group’s overall inventory] will be available for bookings on the HVMI platform.