Dubai-based travel firm Destinations of the World has been taken over by Webjet for $173 million from Middle East private equity firm Gulf Capital.
The business will join the portfolio of Webjet’s travel provider WebBeds, which includes JacTravel, TotalStay, Sunhotels, Lots of Hotels and FIT Ruums.
Gulf Capital’s founder and management team will retain a share in the Webjet Group.
DOTW’s addition to WebBeds is expected to boost annual total transacted volume to more than $2 billion, representing an increase of 54%.
It will also increase the global footprint with offices in 36 locations, meaning WebBeds will have more than 2,100 employees and a portfolio of over 250,000 hotels in the world.
Besides DOTW’s strength in the Asia Pacific market, which is a key strategic focus for WebBeds, it will also deliver a number of contracts in the Americas region while expanding WebBeds’ presence in the key European and MEA markets.
Webjet managing director John Guscic said: “WebBeds is focused on helping our clients succeed and enabling our hotel partners to respond to fast-changing market trends.
“The acquisition of DOTW will ensure we can accomplish this on an even greater scale than we have achieved to date.”
Gulf Capital CEO Karim El Solh added: “This is as a result of the management team’s execution of their business plan, supported by a significant investment programme into technology, rapid organic expansion and two strategic acquisitions that accelerated DOTW’s expansion in Asia, Europe and the Americas.”