VBL Group, the largest private owner of Valletta real estate, has recently announced the completion of its acquisition of the entirety of the shares of Casa Rooms Ltd, one of the leading Property Management Companies on the island.
Discussing the deal, Andrea Imbroll, Chairman of the VBL Group, said: “The short-let accommodation market, over the last decade, has seen extraordinary growth in market share. Professional and larger operations can ensure higher standards of service for both property owners and guests, whilst achieving elevated economies of scale”.
Additionally, he explained that the acquisition of Casa Rooms Ltd was a natural next step for the VBL Group.
“This further consolidates our market leader position in the Capital city and will allow us to hit the ground running as the COVID restrictions continue to ease. Following the acquisition, we have assimilated Casa Rooms into our existing operation seamlessly.
“We found a great team of knowledgeable professionals which will add considerable value to the Group”, Dr Imbroll added.
Thomas Cremona, founder and Board Member of Casa Rooms Ltd., said “When I started Casa Rooms, the short-let market was in its infancy. We grew together with the industry internationally, also thanks to innovative tech companies like Airbnb which was recently listed on the NASDAQ.
“I felt that it was time to take Casa Rooms to new heights and VBL Group was the natural port of call to achieve this”.
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