ActivumSG has announced the acquisition of Odyssey hotel group for an undisclosed sum.
The merger will support the Odyssey platform’s “rapid expansion” while benefiting from the recovery ActivumSG anticipates for select parts of the hospitality sector in Europe as the Covid-19 pandemic recedes.
Saul Goldstein, CEO and founder of ActivumSG, said: “We’re looking to accelerate the company’s growth through acquisitions and more hotel openings when others will still be picking up the pieces.
“We see the steady recovery of leisure and business travel in Europe’s most resilient hotel markets as a major opportunity for our latest fund. This corporate deal highlights how we look at every angle, so our investors get the best risk-adjusted exposure to strong investment themes.”
Odyssey already has a pipeline of more that 20 hotels which are scheduled to open before the end of 2024, which will lift the number of guest rooms it operates to more than 5,200 from 1,940 today. This includes two new hotel openings planned for this year.
Rick van Erp, CEO for Odyssey, said: “The Activum fund’s support will allow us to scale up our platform and penetrate new markets in Europe, broadening the footprint of our major hotel brand partners.
“We are looking ahead with confidence at a post-Covid landscape for the hospitality sector, which will present opportunities for those operators with the liquidity, agility and industry expertise to benefit most from the recovery.”
JLL and Greenberg & Traurig were placed as advisors for ActivumS on the transaction, while Adelaer Group and Stibbe were advisers for Odyssey.