Despite omicron related fears looming, travel tech company Alloggio (ASX: ALO) made their ASX debut this month with a $45 million float.
The vacation accommodation platform chose to go ahead with their IPO just in time for the holiday season where more Australians are likely to ‘holiday at home’, rediscovering domestic offerings.
With their share price holding relatively stable, the Company is moving forward with expansion plans, today announcing the acquisition of Great Ocean Road Holidays.
Named after the iconic Victorian stretch of road, Great Ocean Road Holidays comprises four offices managing multiple homes in key tourism locales such as Torquay, Anglesea, Lorne, Apollo Bay, Fairhaven and Wye River. The business reported over $3.5 million in revenue for FY21 and is expected to be a solid contributor and immediately earnings accretive for Alloggio.
The acquisition will expand Alloggio’s geographical footprint, establishing a base in the Great Ocean Road region.
Management of the 600+ short term holiday rentals under Great Ocean Road Holidays will be integrated onto the cloud based platform belonging to Alloggio after settlement, allowing for efficient end-to-end property and booking management.
CEO and Founder of Alloggio, Will Creedon was enthusiastic for the opportunity to acquire the new business, saying: “We are delighted to announce Alloggio’s first acquisition following the recent IPO. Great Ocean Road Holidays is one of the largest holiday property management businesses in Australia and the largest operator of holiday properties in the Great Ocean Road region with a trusted brand, general manager and employees that will continue their current roles. The strategic acquisition of Great Ocean Road Holidays will expand Alloggio’s goegrpahic footprint in Victoria, creating a new hub in a popular tourism region increasing our holiday properties by over 600 to be currently managing approximately 1,500 holiday properties on the east coast of Australia.
“Great Ocean Road Holidays is a reputable operator in key tourism destinations. We welcome all staff members to Alloggio and we look forward to continuing to deliver and build on the foundations of this tremendous holiday property business.”
The acquisition is set to be funded by Alloggio’s existing cash reserves and will be settled in the coming months.
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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