SYDNEY, AUSTRALIA: Alloggio Group Limited (ASX: ALO) has exchanged a binding agreement to acquire the entire issued share capital in Great Ocean Road Accommodation Centre (Great Ocean Road Holidays) for $8.0 million payable in cash.
Settlement of the acquisition is expected to occur by the end of this week. Great Ocean Road Holidays was established in 2007 and is one of the largest holiday property management businesses in Australia managing over 600 holiday properties.
This strategic acquisition expands Alloggio’s geographic footprint and creates a new hub in the Great Ocean Road region. Operations will continue to be overseen by the current general manager and employees of Great Ocean Road Holidays who operate from four offices managing holiday properties in key tourism destinations including Torquay, Anglesea, Lorne, Apollo Bay, Fairhaven and Wye River.
Following settlement, Great Ocean Road Holidays will immediately be integrated onto Alloggio’s proprietary cloud-based technology platform and provide an end-to-end management solution for holiday property owners. Great Ocean Road Holidays revenue totalled over $3.5 million in FY21 and the acquisition is expected to be immediately earnings accretive for Alloggio, pre synergies and any new growth opportunities.
Alloggio (Italian for accommodation) is a leading operator of short-term rental accommodation (STRA) in Australia. Formed in 2015 by founder and CEO William Creedon, Alloggio has developed an in-house scalable cloud-based technology platform that provides an end-to-end solution for travellers and holiday property owners and managers.