Wyndham Worldwide Buys Hoseasons

by Ella FAIRCHILD on February 25, 2010

The popular Hoseasons holiday brand has been bought out by US hospitality company Wyndham Worldwide, which is the parent company of the Holiday Cottages Group. The UK self-catering company is said to have been sold for £38.8 million, or $60 million.

Hoseasons was founded by Wally Hoseason 65 years ago in a small boatyard, and then it was passed down to his son, who operated the company until 1999. Then in 2003, the current owner HgCapital bought it. Now the firm offers breaks at about 10,000 caravans, cottages and lodges across the UK, as well as owns 15,000 properties across 7 European countries with 280 workers.

Wyndham Worldwide operates a number of brands, including Canvas Holidays, Welcome Cottages and English Country Cottages. The portfolio of the company is made up of 60,000 properties spread throughout 20 countries in Europe, and they believe this deal is a strong strategic fit with their UK operations, as Hoseasons has properties at 440 holiday parks in the UK.

Stephen P. Holmes, the chairman and chief executive of Wyndham, said that this takeover is a great example of how the company is redistributing a part of their free cash flow in order to supplement organic growth by acquiring opportunities. He added that Hoseasons is a well-priced opportunity for Wyndham to continue growing a free-for-service firm.

Ian Ailles, one of Wyndham’s managing directors, said that the buyout means they will be able to offer customers a complete range of breaks throughout Europe. With the addition of the holiday parks in the UK, their suite of offerings will be complete, he added.

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