Hawaii rentals business makes two Maui acquisitions

US: Castle Vacation Rentals Hawaii has acquired two Maui-based businesses.

The company has acquired Chase ‘N Rainbows, which manages vacation rentals, and Trinity Maid Company, which offers commercial laundry and vacation rental cleaning services.

With operations based in West Maui, Chase ‘N Rainbows has a portfolio of more than 180 rentals across more than 30 properties in Lahaina, Kaanapali, Napili and Kapalua, while Trinity Maid Company provides cleaning services to more than 350 condos in the area.

The acquisition brings Castle Vacation Rentals Hawaii’s total properties from about 550 to more than 700 throughout the state.

Alan Mattson, president and CEO of Castle Hospitality Group, Castle Vacation Rentals’ parent company, said: “When we look at a potential acquisition, we do extremely comprehensive due diligence. We look at a lot of things. We look at their people — and we really like their players, they’re A-team level and they fit very nicely with our culture. We look at the economics of the acquisition. And we look at their ownership mix — we look at the type of units they have and where they are.”

Mattson said that Castle also ensures that all units within a potential acquisition are legal and have the proper permits.

Castle Hospitality Group, which was formerly known as Castle Group Inc., added Castle Vacation Rentals Hawaii as its own brand earlier this year. The new brand joined Castle’s existing Castle Resorts & Hotels, which is comprised of more than 1,300 units and 20 properties throughout Hawaii and New Zealand. The company announced its rebrand to Castle Hospitality Group last week in an effort to “bring clarity to our two distinct brands that we are operating”.

“We look forward to additional acquisitions of vacation rental companies and to continue to consolidate the space,” Mattson said.