The Hoseasons holiday brand is to be purchased by Wyndham Worldwide as part of a £51 million deal.
The Suffolk-based self-catering specialist – which offers holiday ideas at around 10,000 lodges, caravans and cottages across the UK – is set to be purchased by the American giant, once granted approval by the Financial Services Authority (FSA).
Wyndham Exchange & Rentals – the organisation’s European arm - will assume control of the business following the deal.
The American company presently has a European portfolio of some 60,000 beds, with Hoseasons joining a stable of brands already including English Country Cottages, Scottish Country Cottages, cottages4you, Welcome Cottages, Chez Nous and Canvas Holidays.
Wyndham Worldwide chairman Stephen Holmes said: “The purchase of Hoseasons is a great example of how we are deploying a portion of our free cash flow to supplement organic growth with opportunistic acquisitions.
“Hoseasons offers a strong strategic fit with our European rentals business and an attractively-priced opportunity to continue to grow our fee-for-service businesses.”
Founded by Wally Hoseason in 1945, the Lowestoft based business remained a family concern until purchased by HgCapital in 2003.
At present the organisation sells 300,000 UK holidays every year, employing 280 staff.
Wyndham Exchange & Rentals chief executive Geoff Ballotti added: “Hoseasons is a highly successful business and a consumer icon in the UK, complementing Wyndham’s existing rentals brands in terms of product offering, customer service and values.
“This acquisition enables us to provide European vacationers with a great selection of inventory, all backed by Wyndham Worldwide, one of the most trusted names in vacation rentals.”