Acquisition expands Cozystay’s Inventory to include Oak Properties’ 300 properties in Taiyuan, Tianjin, and Suzhou
Vancouver, B.C. - Cozystay, an online vacation rental platform serving Chinese travelers worldwide, is announcing that it has expanded its vacation rental portfolio into China by acquiring Oak Properties.
Oak Properties was founded in 2014 and manages 300 properties in China with accommodation available in cities including Taiyuan, Tianjin, and Suzhou. Oak Properties is focused on providing non-standard rooms that are larger than hotel rooms and offer many of the same benefits that a hotel offers such as cleaning and a butler service to assist guests.
“Cozystay is the ideal partner for us, we are aligned on our vision for the future of accommodation. Non-hotels or are becoming increasingly popular, and we have differentiated by offering higher levels of service to the guests, which they appreciate and which Cozystay also recognizes and delivers to their guests,” said Lixia Guo, Co-Founder of Oak Properties.
Chinese travelers tend to expect a level of service that is a step above what most western travelers expect from a vacation rental; the experience for these travelers more closely resembles a hotel experience but with the additional benefits of a vacation rental.
“We’ve had an incredible year of rapid growth, and Cozystay’s reputation has been gaining major recognition with Chinese tourists. While most of our properties are in North America, we are excited to able to serve customers domestically in China as well,” said Galen Cheng, CEO of Cozystay.
Cozystay has offices in both Vancouver, Canada and Beijing, China, and in 2018 saw its total number of transactions nearly double, and the total average length of stay of its customers close to triple.
In 2017, China’s spending on domestic tourism reached $720 billion which is 15.9% higher than the previous year. Estimates show that domestic trips in China could increase to 2.38 billion trips by 2020. This comes as no surprise when we consider that, Chinese residents’ per capita disposable income increased by 62.6% between 2010 and 2016.
“China has a huge amount of housing, and 22% of those properties are vacant, which means that the option of listing those properties as vacation rentals is a good way for the owner to earn on their property investment,” added Cheng.