ONLINE BUDGET accommodation group Web Reservations International (WRI) generated revenues of €39.3 million last year, during which it was acquired by US private equity firm Hellman Friedman for over €200 million.

Subsequent to the acquisition the Irish companies in the group, including Hostelworld.com, have been acquired by a Luxembourg-based entity HF Wings Lux 1. Accounts just filed at the Companies Registration Office show the Luxembourg company acquired all shares in WRI Holdings for €202.5 million in shares and cash.

The deal closed on November 25th last so the 2009 accounts for HF Wings Lux 1 show just over one month’s contribution of from WRI.

HF Wings Lux 1 had net revenue of €2.2 million last year but administration and finance expenses of €12.2 million led to a pretax loss of €10 million.

One-off costs relating to the acquisition of WRI came in at €7.7 million.

WRI employed 91 staff at the end of 2009 but is on course to grow employment by about 25 per cent this year primarily through the addition of software developers. This summer it appointed John O’Donnell, former head of technology with Paddy Power, as chief technology officer.

WRI provides a web-based platform to enable owners of hostels and other budget accommodation to take online bookings.

It is understood the business has been growing rapidly in Asia and South America this year and recently opened an office in Sao Paolo, Brazil.