Castle Vacation Rentals Hawaii, a division of Castle Hospitality Group, has acquired two companies that will allow it to expand its vacation rental inventory and services.
Castle closed the deal Sept. 10 for Chase ‘N Rainbows, a West Maui vacation rental management company, and Trinity Maid Co., a commercial laundry and vacation rental cleaning company. The purchase price was not disclosed.
The acquisition has added 43 employees to Castle Vacation Rentals Hawaii.
“We are excited to grow Castle Vacation Rentals Hawaii with the acquisition of West Maui’s largest vacation rental company and commercial cleaning company,” said President and CEO Alan Mattson. “The acquisition will allow us to further increase our footprint as the leader in the Hawaii Vacation Rental marketplace with the largest single source of Hawaii-specific vacation rentals.”
Chase ‘N Rainbows maintains an inventory of over 180 vacation rentals in more than 30 properties from Lahaina to Kapalua. Trinity Maid Co. currently provides cleaning services to over 350 condominiums in West Maui.
With this acquisition, Castle Vacation Rentals Hawaii now offers more than 700 vacation rentals on Oahu, Hawaii island, Kauai, Maui and Molokai.
While some vacation rental companies have sustained losses as a result of recent vacation rental crackdowns, especially on Oahu, Mattson said its vacation rental count was not affected as all are legal and properly zoned, including the Chase ‘N Rainbows units.
“In fact, with the marketplace reduction in vacation rental supply as a result of the crackdown on vacation rental units that are illegally operated, Castle has actually experienced a surge in its business,” Mattson said.
“This is due to the fact that supply has been reduced while demand remains consistent, which results in increased occupancy and utilization of the Castle Hospitality Group vacation rental inventory in Hawaii.”
