Staycations fuel US firm’s £950m buy-out

A leading holiday park operator - with sites across the county - has been sold to US investors in a deal worth £950million.

US real estate investment trust Sun Communities has bought Park Holidays in order to capitalise on the boom in staycations, brought about by the pandemic.

Park Holidays, which is based in East Sussex, operates sites in Whitstable, Leysdown, Birchington, New Romney and Dymchurch as part of more than 40 parks nationwide.

The holiday firm’s operating team - led by CEO Jeff Sills will continue to run the day-today running of the firm under its new owners.

The CEO said: “Joining Sun is an exciting new chapter as we seek to continue to execute on a well-established and proven strategy to drive organic and inorganic growth.

“We plan to continue to consolidate a fragmented industry and provide the Park Holidays experience to an expanding customer base.”

The UK holiday park industry is worth around £5billion - and has been considerably buoyed over the last two years by travel restrictions due to Covid. With many unable to travel abroad, it has seen a huge surge in those opting for a ‘staycation’.

In the 12 months up to the end of September, Park Holidays generated £73.9m EBITDA (earning before interest, tax, depreciation and amortisation).

Add Gary Shiffman, Sun Communities chairman and CEO: “We have completed significant strategy and research work in the UK with advisors prior to this opportunity, and feel confident that its long-term macroeconomic stability and fundamentals make the UK a very favourable destination in which to expand.”

Park Holidays, which runs a number of sites in Kent - including on Sheppey, left, and Whitstable, is the second biggest operator in the UK