Web Reservations International (“WRI”), owners of the Hostelworld.com and Hostels.com brands, has agreed the acquisition of HostelBookers.com (“HostelBookers”).
The all-paper deal will require regulatory clearance before it can complete.
Commenting on the deal, WRI’s Chief Executive, Feargal Mooney said:
‘We are delighted to have agreed the purchase of HostelBookers with its owners. We have long admired the business, and can see real opportunities for our customers and property owners in this combination.
‘WRI’s mission is to be the fastest-growing online provider of great value accommodation, using innovative technology to inspire independent-minded travellers everywhere.
‘The accommodation services sector is fiercely competitive. Indeed, the pace of change is such that the market today is unrecognisable from that which prevailed just 18 months ago.
‘To compete head-to-head with the “big beasts”, like Expedia and Booking.com, we need to invest. The capacity to inject more resources into online marketing and technology is absolutely key to this sector, and our increase in scale will enable us to ramp that activity up in the face of some very large and dominant competitors.
‘We want to provide a service that both competes head to-head with the large online travel agents, and retains the personal service and sector knowledge that comes from being a smaller, budget-focused player – meeting the needs of hostels, B&Bs and smaller hotels, and providing enhanced service to our customers and partners.’