…
Web Reservations International, global market leader in online hostel and budget ccommodation, announced its acquisition by affiliates of private equity investment firm, Hellman and Friedman LLC. Through its flagship brand, Hostelworld.com, WRI has over the course of its 10 years, revolutionised online travel through its simple business model, creating a global internet success. WRI’s award winning property management solutions are used by more than 23,000 accommodation providers in 180 countries. Hostelworld.com, a trusted and recognised consumer brand, has sold over 70 million beds and processed over 15 million customer bookings since inception, with customers posting over 2.7 million reviews of accommodation booked through the site.
Announcing the acquisition WRI CEO Feargal Mooney said: “We are delighted to be partnering with Hellman & Friedman who were identified by our board as the right partner for WRI to support and accelerate our next phase of growth. This business has been built by the vision of our founders together with the collective talents of a highly driven team at WRI. We have an ambitious agenda for growth and further innovation. Hellman & Friedman’s experience in media and marketing services as well as the technology sector will provide valued support and resources to accelerate that growth and capitalise on strategic business opportunities of which we are uniquely positioned to take advantage.”
Stephen Duckett, Managing Director of Hellman & Friedman LLP, said: “Hellman & Friedman’s investment experience in the digital media and software sectors have given us good insight into the evolution of online businesses. WRI has built a strong and distinctive franchise in the online travel market and we look forward to working with the team at WRI to build on this platform in the years ahead.”
WRI sold 350 million euros worth of accommodation in 2008, generating net revenues of 38million euros. Its websites include www.hostelworld.com, www.hostels.com, www.boo.com, www.bedandbreakfastworld.com and www.trav.com. WRI is headquartered in Dublin, Ireland and employs 93 people and has offices in Shanghai and Sydney.
WRI was advised on the transaction by Maples and Calder, Dublin and Morgan Stanley, New York. Hellman and Friedman were advised by Freshfields, Bruckhaus Deringer LLP and Goldman Sachs, London.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
