Online travel portal EaseMyTrip's Board of Directors today considered and approved the acquisition of a 100 per cent stake in Spree Hotels & Real Estate Private Limited.
Spree was founded in 2011 by Keshav Baljee, who has more than 15 years of hospitality experience and is also co-promoter of a public listed company Royal Orchid Hotels.
Spree manages mid-market hotels across India, with a high degree of standardisation and has bagged several awards from Trip Advisor, a statement said.
Spree has a diversified portfolio across hospitality verticals such as hotels, corporate guest homes and residential clubs. The company follows an asset-light model, which has enabled it to record profitability even during the Covid-19 pandemic.
Spree Hospitality has a network of 1,220 operational keys across hotels in Bengaluru, Mumbai, Pune, Chennai, Goa, Hyderabad, Kochi, Manali, Amritsar, Dehradun, Coimbatore and Delhi,
Last month, Ease My Trip had signed a non-binding agreement to acquire Traviate Online Private Limited, a travel B2B marketplace. The acquisition would provide Easy Trip Planners Limited -- its parent company -- access to new opportunities in the travel sector.
The company said the acquisition will be finalised after definitive agreements, customary closing conditions and other necessary approvals.
Traviate was founded in 2016. It allows B2B channels, travel agents, hotels, tour operators, DMCs and other players in the travel ecosystem to connect and transact amongst each other.
EaseMyTrip was founded in 2008 by Nishant Pitti and Rikant Pitti and offers deals on flight booking, hotels and holiday packages. The company had filed its DRHP for a $72 million IPO with the market regulator SEBI last year and got listed in March 2021.
Also read: EaseMyTrip signs agreement to acquire travel B2B marketplace Traviate
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