Hospitality startup Cosi Group has acquired Awaze's Friendly Rentals brand, a short-term rentals provider in Spain for an undisclosed sum.
Cosi says the deal “accelerates its expansion into the Iberian Peninsula” with Friendly Rentals offering properties across Barcelona, Valencia, Seville and San Sebastian.
According to a statement, Germany-based Cosi is focusing on hotel and commercial properties in city center locations of major cities in Spain.
Christian Gaiser, CEO and co-founder of Cosi, says: “Friendly Rentals is one of the largest players for short-term rentals in Barcelona, which by nature is tough to enter for outsiders organically, due to limited supply and heavy regulation.”
Friendly was previously owned by Novasol, one of the vacation rental brands within Awaze, which also owns Hoseasons and James Villas.
John Crosby, group chief operating officer at Awaze, says: “A pan-European vision like ours at Awaze brings a strong focus on our core business of vacation rentals. COSI with its urban focus is the perfect new home for Friendly Rentals."
Awaze recently snapped up several vacation rental providers in the U.K. and Denmark adding about 1,000 properties to its portfolio.
The acquisition by Cosi comes off the back of a €20 million funding round announced in March, which the company said it would use to drive expansion in Europe.