The board of Easy Trip Planners, on Thursday, 18 November 2021, considered and approved the acquisition of 100% share capital of Spree Hotels & Real Estate, a 1,200 room-keys hospitality management company.
EaseMyTrip, India's second-largest online travel platform, continues to expand its hotel and holiday businesses by acquiring spree hospitality - one of the fastest growing hospitality management companies in India. 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 offer on Spree Hospitality while doing bookings from EaseMyTrip. EaseMyTrip's extensive expertise and data on the evolving travel market will enable Spree Hospitality to efficiently choose new property locations and offer dynamic pricing options.
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. Spree 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 has enabled it to record profitability even during a pandemic-struck year. Spree Hospitality has an established footprint of 1,220 operational keys across hotels in Bengaluru, Mumbai, Pune, Chennai, Goa, Hyderabad, Kochi, Manali, Amritsar, Dehradun, Coimbatore and Delhi, amongst others.
The acquiring company, Easy Trip Planners' consolidated net profit surged to Rs 27.13 crore in Q2 FY22 from Rs 6.16 crore in Q2 FY21. Net sales during the quarter jumped to Rs 43.69 crore from Rs 9.95 crore reported in the same period last year.
Shares of Easy Trip Planners lost 0.14% to Rs 516.75 on BSE. Easy Trip Planners (EaseMyTrip) is an online travel platform, offering end to end travel solutions which include air tickets, hotels and holiday packages, rail tickets & bus tickets as well as ancillary value-added services.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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