With the deal, Oyo will step foot in over 800 cities across 24 countries, including the US, China, India, Nepal, Malaysia, Indonesia, the UAE, and Japan.
India’s biggest hotel startup Oyo is taking a big step by taking the decision to buy @Leisure Group, which is an Amsterdam-based vacation rental company for an estimated €369 million. It is till now the biggest-ever acquisition of the company. Airbnb and SoftBank Group Corp. supported Oyo to buy @Leisure Group from German media firm Axel Springer SE.
Ritesh Agarwal, founder, and chief executive officer of Oyo said that see vacation homes are becoming a unique opportunity, with 115,000 units of homes now getting added to the brand and it is exciting to continue maintaining the global industry leader. The @Leisure Group has proven its capabilities in developing Europe into a vacation rentals hotspot and Oyo is interested to heighten their competencies towards beautiful vacation rental and urban homes experience for millions of tourists from each part of the world, he added. Tobias Wann, the chief executive officer of @Leisure Group said that Oyo in its mission of creating quality and beautiful spaces and it will be a delight for them to join hands as they also started with a similar mission.
The deal will help Oyo to deepen its presence in Europe and strengthen its international expansion. Oyo is currently present in only the UK with 30 hotels under its flagship of Oyo Townhouse and Oyo Hotels. Though the value of the transaction is not disclosed, speculation is the company will pay around €369 million for the acquisition.
Launched in 2017, globally Oyo Homes has more than 15,000 villas and apartment units. The brand also manages over 18,000 buildings, 636,000 units and 40,000 holiday-homes across the globe. While @Leisure Group operates with over 85,000 homes across 50 countries.