- -- COSI Group accelerates its expansion into the Iberian Peninsula as one of its key target markets.
- -- Friendly Rentals has built a strong market position in Spain.
Madrid / Berlin, June 2, 2021 – COSI Group (www.cosi-group.com), Germany's leading provider of short-term rentals using smart technology and driver of the new asset class Commercial Living, today announced the acquisition of Friendly Rentals, the largest provider for short-term rentals in Barcelona with additional properties in Valencia, Seville, and San Sebastian. The Seller is Novasol A/S, one of Northern Europe’s leading holiday rental groups with over 50,000 properties and part of Awaze Vacation Rentals, Europe's leading managed vacation rental and resort company. COSI Group acquired 100% of Friendly Rentals; the purchase price was not disclosed. The transaction was supported by AJL Atelier.
The acquisition of Friendly Rentals marks a logical continuation of COSI`s growth strategy. COSI is focusing on hotel and commercial properties in central locations of Spain's major cities. The company targets lively neighbourhoods and main demand drivers for tourism and business travellers. COSI Iberia (www.cosi-group.com/es) had already secured properties in Madrid's "Plaza de las Cortes" and Barcelona's iconic Eixample district.
"Friendly Rentals was founded in 2003 and built a dominating position, featuring long standing trusted relationships with local real estate partners. Friendly Rentals is one of the largest players for short-term rentals in Barcelona, which by nature is tough to enter for outsiders organically, due to limited supply and heavy regulation”, explains Christian Gaiser, CEO, and co-founder of COSI Group. He adds: “Thus, Friendly Rentals provides a perfect head start for COSI to develop a leading position in the core markets of Barcelona and Madrid – two of the Top 10 destinations in Europe."
"With the acquisition, COSI Group accelerates its access to the Iberian Peninsula as a key market for its European expansion," states Nicolas Dugerdil, Head of International Expansion at COSI Group. He adds: "Friendly Rentals’ solid track record and local expertise combined with COSI’s cutting edge technology and design capabilities result in powerful synergies that shall deliver superior services for its existing and future hospitality and real estate partners
“A pan-European vision like ours at Awaze brings a strong focus on our core business of vacation rentals. COSI with its urban focus is the perfect new home for Friendly Rentals," explains John Crosby, Group Chief Operating Officer for Awaze, the company behind some of Europe's most trusted travel brands, including Hoseasons, cottages.com, Landal GreenParks, and Novasol.
Angela Watson, COO at Friendly Rentals, explains: "Friendly Rentals is very well established in the market. However, the potential of tourist apartments in Spain is far from being maxed out. Significant growth can still be expected here in the future. We are now ideally positioned as part of the COSI Group with its innovative and proven technology platform."
COSI offers landlords the security of having a professional operator with a strong track record and a sustainable business model backed by reputable investors. By leveraging on its innovative technology solutions, COSI delivers a superior guest experience and reduces operational costs. In addition, COSI plans to grow the foothold significantly, providing partners with a scalable platform to work with.
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About COSI Group
COSI Group is Germany's leading technology provider in the short-term rental sector and driver of the new asset class Commercial Living. COSI combined the comfort of a home with the standards of a hotel.
COSI develops new technology solutions for the real estate industry, focusing on hotels and apartment rentals. COSI automates operational processes by up to 80 percent, enabling hotel operators to save up to 60 percent through restructuring. In addition, COSI can drive up to 40 percent in additional topline revenue. In 2020, COSI achieved 90 percent booking occupancy even during Corona-related lockdown.
In March 2021, COSI raised 20 million EUR in fresh growth capital to also accelerate its international expansion. COSI is backed by SORAVIA, the leading real estate group in the German-speaking countries, the technology funds e.Ventures and Cherry Ventures, representing renowned German family offices such as Otto and Miele – and more than 30 successful technology entrepreneurs.