The first of many?

John Wagner George Sell Uploaded

CWS Corporate Housing’s acquisition of one of its main competitors, Gables Corporate Accommodations, will see the formation of a seriously influential player in the US corporate housing sector, adding as it does some 46,000 units to the CWS inventory.

It looks like a good marriage, two companies with similar ideals and values joining forces to address the issues facing the sector. Interestingly, Dennis Rainosek, senior vice president of portfolio management for Gables Residential, said that “all of the changes occurring in the short-term rental space” was one of the reasons behind the deal, adding that “we believe that a larger company has more opportunities for success in this very competitive environment”.

CWS founder and president Tracy Hayes said: “Combining resources brings together inherent efficiencies, reduces infrastructure overhead, and allows us to focus even more on our service deliverables across the country. Ultimately, we are looking to set the standard for our industry, and this acquisition puts us in the best position to be the corporate housing provider of choice.”

The next couple of years are likely to see significant consolidation across the serviced apartment and corporate housing sectors, and this deal could spark a wave of M&A activity.


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