Germany / Netherlands: Digital hospitality platform NUMA Group has announced the acquisition of Dutch serviced apartment platform YAYS from Proprium Capital Partners.
NUMA Group has acquired 100 per cent of YAYS, although the purchase price was not disclosed. The transaction was supported by DLA Piper, CBRE and EY on the sell side and Greenberg Traurig, Taylor Wessing and Eight Advisory on the buy side.
Headquartered in Amsterdam, YAYS currently operates 489 units in the Netherlands, Belgium and France and a secured pipeline containing properties to be opened in Madrid, Frankfurt and The Hague, with an additional 124 units.
The acquisition of YAYS marks the latest step in NUMA’s accelerating growth strategy as it focuses on hotel and commercial properties in central locations of Europe’s major cities. The company principally targets “lively neighbourhoods” and main demand drivers for tourism and business travellers.
After NUMA recently reached €1.5 billion in real estate assets under management, the company currently manages over 4,700 rooms and apartments across 28 major European cities. YAYS will now add approximately 20 per cent new units to NUMA’s live property portfolio, bringing the total to over 5,200 units.
NUMA believes that it is poised to transform the €100 billion-plus European hospitality industry in which traditional hotel chains are struggling to adapt to new consumer behaviours, while short-term rental platforms are facing tightening city regulations, particularly regarding “misuse of residential properties”.
In September, NUMA raised €55.5 million [$59 million] in growth equity capital in a Series C funding round led by Verlinvest. At the time, the firm said that it was planning to use the investment to further develop its sophisticated technology stack and to continue expanding its digital hospitality platform across Europe.
Christian Gaiser, co-founder and CEO of NUMA Group, said: “Our mission at NUMA is to create a new category in hospitality that meets the needs of modern consumers. We have only scratched the surface in terms of digitising and enhancing the entire travel experience and are always striving to better connect our guests with their favourite cities.
“We’re excited to partner with YAYS and the team to build the dominant player in Europe’s AAA cities. YAYS offers a very attractive and compatible portfolio of properties with stellar ratings and guest satisfaction – in markets where NUMA is not present yet. Thus, YAYS provides a perfect head start for NUMA to develop a prime position in the core markets of Amsterdam and Paris – two of the top ten destinations in Europe.
“Together with the YAYS team, we plan to accelerate our joint growth in Benelux and France,” he added.
The companies will “carefully – on an asset by asset basis – evaluate all options together with both teams” in the coming weeks.
Javier Perez-Lecumberri, managing director of Proprium Capital Partners, said: “We acquired YAYS in 2017 with a view to back a strong platform in one of the most exciting sectors of hospitality [serviced apartments]. Over the past six years, the YAYS team has delivered outstanding performance, navigating through the ups and downs of a growing sector, including the unprecedented challenge of a global pandemic.
“As the sector matures, attractive opportunities for consolidation will continue to appear. We have followed the NUMA success story for some time now, and we are convinced that the combination of YAYS and NUMA will generate value for both guests and real estate partners,” he added.
Zachary Schwartz, who has stepped down as CEO of YAYS Group, said: “This marks a pivotal moment for the YAYS story, which began more than 15 years ago, driven by a pioneering team spirit and strong connection to the Dutch market.
“While the company grew to a leading regional boutique player in Benelux and France, the company’s legacy of ingenuity and entrepreneurship drove more recent development, innovation, and expansion beyond those original parameters. And I’m truly proud of the strong, hospitality-oriented team that made our product evolution and enhanced guest experience possible.
“As the next chapter for YAYS begins, it’s clear that NUMA’s growth vision for a dominant European serviced apartment player – one that integrates the YAYS portfolio and its strong regional market share – will create enormous opportunities for all the teams, owners, and investors involved in this transformative space,” he added.
