European Vacation Rental Platform Awaze Felt Affordability Squeeze in 2025

Skift Take Europe's largest holiday-rental group grew adjusted earnings and narrowed its loss in 2025, but revenue slipped, its cash position shrunk, and the group slid into net liabilities ahead of a 2028 refinancing. Awaze, Europe's largest vacation rental property manager, made a bet last year that holding rates flat — rather than raising them — would entice cost-conscious travelers to skip costlier long-haul flights and book its holiday homes in Cornwall or cabins on the Danish coast instead. That trade-off defined 2025 for Awaze, according to its annual report, which was viewed by Skift but hasn't yet been filed to the UK's Companies House. For its brands that include Cottages.com, Hoseasons, Novasol, and James Villas, the aim was to drive occupancy gains despite an ongoing affordability crisis in European markets. The result: Direct bookings held at 72%, and more than half of guests were repeat customers, the company said. Yet financial results were mixed. Awaze reported a 20% rise in adjusted EBITDA and a sharply narrower loss. But net revenue slipped 1.3% to €378 million ($511 million). CEO Matthew Price attributed the EBITDA growth to the company's a