Hoseasons bought for £51m by Wyndham
Monday, 23 Feb, 2010
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UK household holiday name Hoseasons is to be bought by Wyndham Worldwide for £51 million.
The European arm of Wyndham Worldwide, Wyndhams European Rentals, already owns English Country Cottages, Scottish Country Cottages, cottages4you, Welcome Cottages, Chez Nous and Canvas Holidays in the UK and the move will mean the coming together of two of the largest UK domestic operators.
Hoseasons has over 15,000 lodges, cottages, villas, caravans and boats across Europe whilst Wyndham’s European rentals business has over 60,000 properties in 20 countries.
The purchase is still subject to consent by the Financial Services Authority.
Wyndham Worldwide also owns the Ramada, Travelodge and Days Inn brands.
Chairman and CEO Wyndham Worldwide Stephen P Holmes said: “The purchase of Hoseasons is a great example of how we are deploying a portion of our free cash flow to supplement organic growth with opportunistic acquisitions. Hoseasons offers a strong strategic fit with our European rentals business and an attractively-priced opportunity to continue to grow our fee-for-service businesses.”
CEO Wyndham Exchange & Rentals Geoff Ballotti added: “Hoseasons is a highly successful business and a consumer icon in the UK, complementing Wyndham’s existingrentals brands in terms of product offering, customer service and values. This acquisition enables us to provide European vacationers with a great selection of inventory, all backed by Wyndham Worldwide, one of the most trusted names in vacation rentals.”
By Dinah Hatch
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