Australia: New South Wales-based property management company Alloggio has continued its expansion by investing more than AU$16 million in management acquisitions across some of Australia’s favourite holiday hotspots in a comprehensive six-month growth programme.
The company has completed the strategic acquisition of Great Ocean Road Holidays, a number of purchases in Noosa, Best of Magnetic in Magnetic Island, Prestige Holiday Homes in Coolum, First National Magnetic Holiday Rent Roll and The Edge Holiday Rent Roll at Coffs Harbour.
Alloggio – which is Italian for ‘accommodation’ – also gained its own channel manager with the addition of Australian-owned accommodation platform Aabode.com to its portfolio, linking it with key travel retailers and tapping into the Asia and Pacific markets for the first time.
The acquisitions have bolstered the company’s portfolio to more than 1,950 holiday properties on Australia’s east coast after Alloggio raised $16.5 million to go public via an initial public offering [IPO] on the Australian Securities Exchange [ASX] last November.
Founder and CEO, Will Creedon, said: “The past six months has seen Alloggio very active in pursuing its planned acquisitions-led growth strategy, utilising our strong cash position following the November 2021 IPO and the positive rebound in domestic travel. We look forward to leveraging our current platform to make further strategic acquisitions, implement organic growth initiatives and extract operational efficiencies for the remainder of 2022 and beyond.”
In December 2021, Alloggio announced the acquisition of the entire issued share capital in Great Ocean Road Accommodation Centre, Victoria, for $8 million in cash.
By the end of January, the company agreed to acquire holiday property management business Accom Noosa and the management rights to Fairshore and Noosa International Resort for $4.5 million.
Alloggio’s expansion along Australia’s eastern seaboard also included adding 160 property managements via the acquisition of Best of Magnetic, 37 luxury holiday homes with the June purchase of the Coolum-based Prestige Holiday Homes management business, 44 property managements from First National Magnetic Holiday Rent Roll, and a further 28 properties following the acquisition of The Edge Holiday Rent Roll, Coffs Harbour.
The operator manages two business divisions – holiday property managements and mid-market hotels – that utilise its proprietary in-house technology platform, providing an end-to-end solution for travellers, holiday property owners and managers alike.
After going public in November, Alloggio reached a record-high share price of $0.195 in mid-December and, despite market volatility, the company’s share price has stabilised relatively at $0.13.
A wave of IPOs in 2022 have been put on hold as companies bid to ride out the volatility of pandemic-affected markets, including Indian hospitality unicorn OYO, which is now said to be considering going public in 2023 to achieve a more stable valuation.