Holiday firm Hoseasons’ parent company bought in $1.3bn deal
- Credit: Copyright: Archant 2017
The parent company of holiday firm Hoseasons has been bought in a billion dollar deal.
The parent company of holiday firm Hoseasons has been bought in a billion-dollar deal.
Wyndham Vacation Rentals, which owns the Lowestoft-based holiday rental business, has been acquired by Platinum Equity for around $1.3bn.
The deal brings to an end speculation that online giant Airbnb was seeking to acquire the group from US parent company Wyndham Worldwide Corporation.
Geoff Cowley, managing director of Wyndham Vacation Rentals UK said: 'Wyndham Vacation Rentals UK is proud to have been part of the Wyndham family.
'At the same time, we are excited to move into Platinum Equity ownership upon the successful completion of the sale.
'We are confident Platinum Equity will provide our business with a positive outlook for growth and will enable us to continue delivering the same exceptional service to our accommodation owners and their guests.
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'In the meantime, we are continuing to focus on delivering outstanding holidays and great service for all our partners throughout 2018.'
The European vacation rental business is the largest manager of holiday rentals in Europe, with more than 110,000 units in more than 600 destinations in more than 25 countries. The business operates more than two dozen local brands, including cottages.com, James Villa Holidays, Landal GreenParks and Novasol as well as Hoseasons.
As part of the deal the European group has entered a 20-year agreement to pay 1% of net revenue to Wyndham Worldwide's hotel business for the right to use the Wyndham Vacation Rentals brand.
The Lowstoft-based company was bought by Wyndham for more than £40m in 2010 and the combined European group generates revenues of $750m a year.
Platinum Equity Partner Louis Samson said: 'We are excited to partner with the management team to ensure a seamless transition while preparing our plans to drive additional growth, both organically and through prospective add-on acquisitions.'