Having just come back from a week in Noosa I can totally understand accommodation provider Alloggio’s (ASX: ALO) decision to expand into the Sunshine Coast.
The bustling beachside locale is as close to paradise as you can get, boasting something for everyone with their vast array of shops, restaurants, beautiful beaches, surfing spots and walking trails.
Tourism is a major contributor to Noosa’s economy. In 2019 there were almost 700,000 international visitors nights in the Noosa Shire Council area, accounting for 13.1% of the total visitor nights. Aussies love it up there too, accounting for over 3.5 million visitor nights in the same year.
ASX newcomer Alloggio has acquired Accom Noosa and the management rights of Fairshore and Noosa International Resort, well and truly putting their name on the Noosa map.
Accom Noosa manages over 50 premium holiday properties in the area whilst Fairshore and Noosa International Resort comprise 24 and 36 holiday apartments respectively.
This combination has now solidified Alloggio as Noosa’s largest holiday property management business, adding 110 properties to their existing portfolio in the region.
The new additions bring Alloggio’s assets in Noosa to 240 properties and 1650 holiday properties along the east coast of Australia.
The acquisition, funded by cash reserves from their IPO in November 2021, has come at a cost of $4.5 million, which pales in comparison to the $8 million in average gross booking value that the acquired assets have generated per year.
CEO and Founder of Alloggio, Will Creedon said: “Noosa Heads and its surrounds has long been one of Australia’s most sought-after holiday destinations for domestic and international holidaymakers. We are delighted to expand our footprint in Noosa with the strategic acquisitions of Accom Noosa, Fairshore and Noosa International resort, offering holidaymakers a wider range of premium properties with the high standard of service they have come to expect from Alloggio.
“The expansion of our existing footprint in Noosa Heads continues Alloggio’s strong momentum and adds significant leverage to our business, enabling us to unlock further synergies through our unique technology platform and hub and spoke operating model.”
And, giving Creedon a hand so he can no doubt jet off to Noosa next holiday season, Alloggio has announced the appointment of Shaun Measday as their new Chief Operating Officer.
“Shaun brings a wealth of knowledge and experience driving operational excellence and performance across multiple geographies and multinational businesses,” Creedon said. “His background in highly competitive markets combined with his extensive experience across integration and automation within customer journeys will further build on the strong foundations of Alloggio’s technology platform.”
Gentlemen- if you ever need a travel journalist… look no further.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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