Further regional expansion for holiday rental giant HomeAway, which has bought a 55% stake in Bookabach Limited, a New Zealand market leader, albeit modest in scale. Bookabach also owns low profile Australian site Bookastay.
This follow’s HomeAway’s purchase several months ago of Singapore-based Travelmob, a distribution partnership with Wego and a minority investment in China-based Tujia.com.
HomeAway has been active in the Australian market since 2011 when it bought the holiday rental business of Realestate.com.au. The Bookabach deal was all cash and no amount was disclosed. Bookabach co-founder Peter Miles will be the company’s GM and continue to manage the company and its seven-person team from Auckland.
In other news, HomeAway has announced its third quarter results, increasing pre-tax earnings to USD29 million, a year on year increase of 20%. Key business metrics include:
- Paid listings at the end of the third quarter were 773,352, a year-over-year increase of 7.4% from 720,031 at the end of the third quarter of 2012.
- Average revenue per listing during the third quarter was $390, a 15.7% increase from $337 during the third quarter of 2012. ar.
- Renewal rate was 71.7% at the end of the third quarter, down from 74.5% at the end of the third quarter of 2012 and 72.4% at the end of the second quarter of 2013.
- Visits were 198 million during the third quarter, a year-over-year increase of 27%. During the fourth quarter of 2012, HomeAway began using a different tool for the measurement of visits for certain of its websites. On a comparable basis, HomeAway estimates that visits would have increased by 19% year-over-year.