Online travel platform EaseMyTrip announced the acquisition of Spree Hospitality-a hospitality management company 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, the statement said.
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 public listed company; Mkt cap- 252 Crore). Spree has cracked the art of managing mid-market hotels across India with a high degree of standardization, leading to high guest satisfaction scores and several awards from Trip Advisor. Spree also 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 1220 operational keys across hotels in Bengaluru, Mumbai, Pune, Chennai, Goa, Hyderabad, Kochi, Manali, Amritsar, Dehradun, Coimbatore and Delhi, amongst others.
Speaking on the acquisition, 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. Spree has carved a niche for itself in the hospitality sector and we are thrilled to have them as a partner to strengthen our portfolio in the hotel and holiday space. We will enable Spree to expand to 200 properties in the next 5 years becoming one of the biggest names in the Indian hospitality sector.”
During the pandemic, Spree Hospitality had become a partner of choice for a lot of hotel owners, which has enabled it to grow rapidly during this period. In the pandemic-hit year, it 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 that is synonymous with trendy, modern and tech-savvy, Spree is poised to revolutionise the Indian landscape through its unique brand of hospitality, the statement said.
