EDITOR'S COMMENT
• We've discussed the amount of private equity investment coming into the sector a lot recently but the tables have turned this week as European holiday rental firm Awaze was reportedly put up for sale for £2 billion by private equity firm Platinum Equity.
Four years after Platinum bought the business then known as Wyndham Worldwide and its subsidiary brands for $1.3 billion, global banks Goldman Sachs and Morgan Stanley will now oversee a strategic review and potential sale of the group. It comes at a time when Awaze CEO Henrik Kjellberg highlighted the "resilient" demand for rental accommodation over the winter and he expects the travel industry to perform well despite the threat of a recession.
Over the last year and a half, Awaze has added to its UK and Europe inventory by acquiring self-catered holiday cottages company Quality Cottages and sister brand Quality Unearthed, Amberley House, Portscatho Holidays and Danish business Bornholmtours, establishing itself as one of the dominant market players in the continent. There is no shortage of investor appetite for holiday rentals, given Blackstone just sold British seaside resort chain Butlin’s to Bourne Leisure's co-founders for £300 million.
The resilience of the demand for this type of accommodation will only serve to whet the appetite of private equity and institutional investors further, as they look to deploy their dry powder for the right opportunities that will earn a sizeable ROI. Whether Awaze eventually opts for a sale or public listing, it is yet another ringing endorsement of the long-term viability of the domestic self-catering holiday sector and the post-pandemic rebound.
• We're delighted to be collaborating with Hopper Homes, the new short-term rental vertical of online travel agency Hopper, for an unmissable session tomorrow at 5pm BST on "Tech conundrum - early adopter or late to the party?". Susan Ho [head] and Luca Parducci [director of supply] from the company will join our expert panel alongside Jesse DePinto [Frontdesk] and Jay Whiteley [Evolve]. Sign up for the no-cost session at this link.
• Industry events are back in full swing and STRz editor Paul Stevens and CEO of International Hospitality Media, Piers Brown, are looking forward to heading out to Malaga this week for the highly-anticipated Vitur Summit. If you're attending too, let us know by contacting us using the details below and head over to the media booth, where we'll be recording video interviews across the two days. ¡Nos vemos pronto!
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