Intrepid Travel invest $7.85 million in CABN to expand off grid experiences in Australia
Intrepid Travel and CABN have announced a partnership which will see Intrepid Travel invest a $7.85 million equity stake, to accelerate growth plans to deliver more than 70 off- grid, sustainable cabins across the country by 2023.
CABNs current experiences include 11 cosy minimalist escapes in some of Australia’s most stunning locations, including a new level of guilt free, sustainable luxury with CABN X. Each cabin is built from predominantly locally sourced and sustainable materials and requires minimal infrastructure with a ‘leave no trace’ philosophy. Their unique design allows guests to immerse themselves in nature while encouraging disconnection from everyday life.
During COVID-19 and with borders closed CABN still enjoyed a high average occupancy rate of over 90% and this is expected to increase as Australians continue to embrace sustainable local travel. Intrepid Travel’s investment will allow CABN to keep up with the increasing demand of eco-friendly travel, with an expected increase of annual room nights from 4,000 to 26,000 across Australia.
Michael Lamprell, Founder and CEO of CABN, said the partnership with Intrepid Travel will accelerate CABNs growth.
“We are incredibly pleased we have found the right partner to take CABN forward. There is clear alignment across our shared commitment to sustainability, the environment and Indigenous culture. Intrepid Travel have extensive experience in the sustainable travel space, and this partnership will allow greater opportunity to expand our off-grid accommodation and experiences.”
The launch of multi-cabin retreat style projects across Australia is planned for the future, including the recently announced CABN site in collaboration with the Hans Heysen Foundation at the Cedars in Hahndorf, SA, the Myponga Reservoir project and successful proponents for the enhanced iconic Cooloola Great Walk departing Noosa in the Fraser Coast Region.
“CABN’s offering and business model aligns perfectly with our move into the accommodation vertical and is a natural fit within our vision to grow as a purpose-led adventure travel company,” said James Thornton, CEO of Intrepid Travel. “We know the CABN product is of particular interest, not only to our existing customer base, but to the growing market of travellers worldwide seeking out authentic and sustainable travel experiences.”
The partnership between the two Australian-based companies will allow for an increase in the vertical integration of Intrepid’s business, with future plans to include CABN sites as featured accommodation in a number of the tour operator’s trips.
CABN will continue to be run by Michael Lamprell in partnership with Intrepid. Further terms of the deal were not disclosed.