Australia: New South Wales-based short-term rental property management company Alloggio has continued its acquisition spree with the purchase of two more regional players – Holiday Coffs Coast and Bella Coastal Holidays.
Formerly the holiday rental branch of McGarths Coffs Harbour, Holiday Coffs Coast, led by Kyle Harrell, Jessica Payne and Winona Druhan, will expand Alloggio’s footprint on the Australian East Coast, establishing new grounds in the mid-north New South Wales short-term rental market.
The agency will be established as a stand-alone short-term rental brand with a new office space in the coastal town of Sawtell on the North Coast of New South Wales.
Also in December, Alloggio completed the purchase of Bella Coastal Holidays, located in the South Coast region of New South Wales.
The brand, led by Rhonda Finlayson, will join the Alloggio portfolio alongside other existing local agencies. It will also enable Alloggio to carve out its own digital and physical presence in the region, which the company has earmarked as a core territory moving forward with its growth.
Alloggio now owns 19 short-term holiday rental brands across Australia, most recently having acquired Pokolbin-based holiday rental management company Weekenda in late November. 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, 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.