EaseMyTrip makes 2nd acquisition, buys Spree Hospitality
Spree lists more than a million satisfied customers, 45 properties, 1200 keys including hotels, resorts, clubhouses, and guest houses across India.
Online travel platform continues to aggressively expand its hotel and holiday businesses by acquiring Spree Hospitality. This is EaseMyTrip’s second acquisition where Spree Hospitality will add a new revenue vertical for the company and enable it to scale up its hotel and holiday portfolios rapidly.
Additionally, customers will be offered exclusive deals and offers on Spree Hospitality while doing bookings from EaseMyTrip, EMT said in a statement. EaseMyTrip’s expertise and data on the evolving travel market will enable Spree Hospitality to efficiently choose new property locations and offer dynamic pricing options, the statement added.
Earlier this month, EaseMyTrip, which announced its listing on the stock market in India earlier this year, acquired B2B travel platform Traviate for an undisclosed sum.
Spree was founded in 2011 by Keshav Baljee, who has more than 15 years of hospitality experience and is also co-promoter of Royal Orchid Hotels (a publicly listed company with a market cap of Rs 252 crore). It has a diversified portfolio across hospitality verticals such as hotels, corporate guest homes and residential clubs.
The company is debt-free, cash-rich, and follows an asset-light model, which claims to have enabled it to record profitability even during the pandemic. Spree Hospitality has an established footprint of 1220 operational keys across hotels in Bengaluru, Mumbai, Pune, Chennai, Goa, Hyderabad, Kochi, Manali, Amritsar, Dehradun, Coimbatore and Delhi, amongst others.
Prashant Pitti, Co-founder, EaseMyTrip said,
“There is a synergy between EaseMyTrip and Spree Hospitality where we leverage the asset-light model to build a lean and efficient infrastructure. With this acquisition, we believe that EaseMyTrip is well-positioned to unlock the market potential of a recovering hospitality sector and quickly scale up the business to meet the evolving needs of the modern traveller.”
“We will enable Spree to expand to 200 properties in the next five years becoming one of the biggest names in the Indian hospitality sector,” Prashant added.
During the pandemic, Spree Hospitality had signed 18 new hotels and hired over 250 additional employees to support the expansion. With a team that comes with several decades of hospitality experience, Spree is poised to revolutionise the Indian landscape through its brand of hospitality.
Edited by Kanishk Singh