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Monad manages 13 timeshares resorts across New Zealand, with about 13,000 member families under management.
The acquisition will come into effect on June 30 and makes Classic Holidays the largest timeshare management company in Australia and New Zealand with 65,000 member families.
Classic CEO Ramy Filo says the acquisition benefits members of both companies.
“Through this acquisition, Monad’s members will have access to Classic Holidays’ 19 managed Resorts and Clubs in Australia, as well as giving our Australian members access to 13 resorts across New Zealand, from the Bay of Islands all the way down to Queenstown on the South Island,” says Filo.
“We also have thousands of Classic Holidays member families across the Tasman. With the extension of Classic’s business into New Zealand, we will be providing more options for these members to holiday locally.”Monad CEO Martyn Rix will continue in a key role in the organisation for at least 12 months to oversee the transition.
“Monad will continue to operate out of our Christchurch offices, and we will be there to support our members through a smooth integration,” says Rix.“This move is a great opportunity to increase benefits for Monad members, with plans for an expansion of services, such as dedicated travel services.
“Additional benefits available to Classic Holidays members, such as Exchange and Play, will also be introduced to Monad members, offering an internal exchange system and other tourism and leisure products such as car hire, tours and cruises.”Get our daily business news
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