Australia: New South Wales-based short-term rental operator Alloggio Group has made its latest acquisition in the form of Pokolbin-based holiday rental management company Weekenda.
Weekenda specialises in rental properties [villas and cottages] within a two-and-a-half-hour drive from Sydney, typically in Hunter Valley, Lake Macquarie, and the surrounding region, including Newcastle, Broke Fordwich, and Central Coast.
In a press release, Alloggio Group said: “Alloggio are extremely proud to represent the next stage of the journey for Weekenda. Both businesses hold a significant amount of respect for each other and look forward to a successful partnership ahead where together their influence and expertise can make a huge difference to the voice of the short-term rental industry as a whole.”
Posting on LinkedIn today, Weekenda founder and CEO, Pete Smith, said: “Will [Creedon – founder and CEO of Alloggio Group] is the right partner and custodian of the Weekenda brand, employees, owners, guests and supporting trades and contractors, and he has built a business that is 10+x bigger than us and growing quickly.
“The Weekenda acquisition now allows Will to return back to where it all started for him, where he landed in Oz and Pokolbin around 10 years ago to start Harrigans and help commence the Hunter Valley Gardens. An appropriate and worthy homecoming,” he added.
The company now joins more than 16 other short-term holiday rental brands across Australia in the Alloggio portfolio. 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.
