Country's biggest hotel chain startup OYO has been going big with its recent global expansion plans with entries in different countries. Now, the Gurugram-headquartered firm is venturing in the European market with the acquisition of Amsterdam-based vacation Rental Company @ Leisure Group for $415 million. Through the deal, OYO plans to establish itself as a global real estate brand while maintaining leadership in the hospitality industry which has been their vision for a long time.
OYO's Global Chief Strategy Officer Maninder Gulati commenting on the deal through a statement said, "With @Leisure Group, its team and capabilities, we see Oyo further its mission of creating quality living experiences for everyday travellers. Through this acquisition, the size and scale of the opportunity can be immediately unlocked for Oyo's Homes business. Today, more than 2.8 mn holidaymakers from over 118 countries book their holiday every year with @Leisure Group. The combined strength of both brands can scale the opportunity multifold.”
@Leisure Group has a presence in more than 13 European countries where it offers 30,000-holiday homes through multiple brands like Belvilla, DanCenter, and Danland. @Leisure Group CEO Tobias Wann is set to join the OYO leadership board as the CEO.
Wann commenting on the deal said "We are delighted to join forces with Oyo in its mission of creating quality and beautiful spaces. @Leisure Group was started with a similar mission to identify and service all forms of vacation and urban home rentals, focusing on delivering a hassle-free experience to both homeowners and guests."
While OYO already has a presence in a few European countries like Spain, Portugal, UK, Germany, with this acquisition, it now has a presence in the entire continent.
Image Courtesy : MyBrandBook