Newcastle company Alloggio Group has significantly boosted its value after a busy three months of dealmaking in the holiday rental market, CEO Will Creedon says.
Mr Creedon said the company was now the "largest holiday management operator in Australia and New Zealand", with its value rising from about $60 million to more than $100 million in that period.
The company's sale to private equity firm Next Capital was completed in September, with Mr Creedon retaining his shareholding.
The company has since expanded into New Zealand's North Island and further investment is planned in the next two years.
"We're an international company now, but I want to be multinational," said Mr Creedon, a former Tourism Hunter chairman.
He outlined this vision after the company acquired Bach Break, a holiday property management company in New Plymouth in New Zealand.
Alloggio now manages more than 3000 short-term holiday properties.
"This equates to just over $3 billion in holiday properties under asset management," Mr Creedon said.
The company has a big presence in the Hunter Region, Byron Bay, Noosa and Great Ocean Road in Victoria.
Recent acquisitions include Weekenda in the Hunter Valley, along with Your Luxury Escape and A Sweet Escape in Byron Bay. It already owned A Perfect Stay in Byron.
Bella Coastal Property in Mollymook was acquired, adding to existing businesses there and in Jervis Bay and Milton.
The company also bought Holiday Coffs Coast in Coffs Harbour to add to its existing operation in that area.
The company signs agreements with holiday home owners to manage lettings, cleaners, gardening, landscaping, plumbing, swimming pool attendants, council rates, electricity and compliance.
It lists the properties on its websites, along with the likes of booking.com, Airbnb and Stayz.
Mr Creedon will also launch a company called Aabode later this month.
"It will be the first opportunity for holiday home listings to be distributed across Australia and the world on wholesale platforms," he said.
This would allow travel agents to work with his companies to gain commissions for lettings.
The Newcastle Herald reported in March that Mr Creedon had struck a deal to sell Alloggio to Next Capital.
For the deal to occur, the company had to be privatised as it was previously listed on the Australian Stock Exchange.
Mr Creedon and wife Karen Howard - a former Newcastle Liberal candidate - founded the company in 2015. Both remain shareholders.
After the sale, Mr Creedon remained as CEO and director. Ms Howard remained a director.
The company was expanding as it saw opportunities across Australia, New Zealand and Asia to "create a company that has multiple styles of accommodation".
"In Australia, the short term rental industry has been around for 140 years, but it's extremely fragmented and siloed," he said.
"We see an opportunity to consolidate so many fantastic businesses under one umbrella."
He said guests and holiday home owners had "growing expectations".
Holiday home rental prices have reportedly been soaring, with a rise in demand for domestic trips following the pandemic.
While Alloggio is booming now, Mr Creedon says it "nearly went broke in the pandemic".
"It broke a lot of my colleagues globally and locally," he said.
"Some are still recovering. Some have yet to go broke but will soon because of debt and cash flows. It's hard. That's the thing no one sees."
