Awaze owner hires Goldman Sachs and Morgan Stanley for £2bn sale
Awaze’s owner Platinum Equity has reportedly hired Goldman Sachs and Morgan Stanley to oversee the rental business’s sale, which could be valued as high as £2bn.
City sources told Sky News’ Mark Kleinman the banks are expected to initiate proceedings within the next year.
This would lead to the company’s second ownership change in five years, as the US private equity bought Awaze for $1.3bn in 2018.
The company, which operates in 36 countries, also owns Hoseasons and Cottages.com.
The news comes at a significant time for the tourism industry as investors seek to capitalise on Britons’ continued love of staycations.
According to data from online travel agency Trip.com, hotel bookings in the UK increased by 173 per cent in July compared to last year’s levels. Britons flocked to popular destinations such as London and Westminster, booking the most hotels.
Over recent months, Blackstone finalised the £300m sale of holiday camps’ chain Butlin’s while Sun Communities snatched Park Holidays for £950m.
City PM has approached Platinum Equity and Morgan Stanley while Goldman Sachs declined to comment.