Alloggio Group Limited, a leading operator of short-term rental accommodation in Australia, announced today that it has acquired 100% of A Perfect Stay Pty Ltd for a total consideration of $11.0 million.
A Perfect Stay specialises in short-term rental accommodation with more than 270 holiday properties in the key tourism destination areas of the Gold Coast, NSW North Coast (including greater Byron Bay region) and Melbourne CBD.
A Perfect Stay is highly complementary to Alloggio’s holiday property management division and further establishes Alloggio as a leading operator of short-term rental accommodation in Australia with over 2,200 holiday properties under management.
The Acquisition will be integrated onto Alloggio’s proprietary cloud-based technology platform to provide an end-to-end management solution for holiday property owners. The Acquisition also includes a highly experienced team with strong holiday property management expertise.
Alloggio’s founder and CEO, Will Creedon said: “We are very pleased to announce today that Alloggio has executed binding agreements to further expand into new holiday tourism destinations including the Gold Coast, NSW North Coast and Melbourne through the acquisition of A Perfect Stay, the leading holiday property management company in Byron Bay. This Acquisition occurs as we head into the key summer holiday period.’’
“Initially, daily operations of A Perfect Stay will continue to be overseen by the existing management team and supported by Alloggio.
“After the first quarter of calendar year 2023, A Perfect Stay will be integrated onto Alloggio’s proprietary cloud-based technology platform that will further drive organic growth opportunities and efficiencies over time,’’ Mr Creedon said.
“Importantly, the Acquisition powers Alloggio’s further expansion into the Victorian corporate, leisure and medium-term accommodation markets and enhances Alloggio’s footprint on the east coast of Australia.
“These latest Acquisitions are consistent with Alloggio’s strategy of growing holiday property management rights in regions that attract holiday makers from Australia and abroad,’’ Mr Creedon said.
Alloggio will fund the acquisition from existing cash reserves and available debt facilities.
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