Oyo, the biggest hotel chain in India, in accordance with its goal to become a worldwide market leader, will procure Amsterdam-situated @Leisure Group for approximately Rs 2,900 Crores ($415 Million). Oyo stated it would procure @Leisure from a media and tech firm, Axel Springer. @Leisure is a prominent vacation rental firm in Europe and deals with holiday parks, holiday apartments, and holiday homes.
Global Chief Strategy Officer of Oyo, Maninder Gulati, said, “With @Leisure Group, its abilities and team, we witness Oyo further its undertaking of producing quality living experiences for daily explorers.” Through its DanCenter, Danland, and Belvilla brands, @Leisure Group provides over 30,000 completely managed holiday homes in Europe across 13 countries and with its Traum-Ferienwohnungen brand, provides a subscription-based home management service with more than 85,000 residences across 50 nations.
Oyo stated the procurement will assist it to shift a step nearer in realizing its visualization of becoming a worldwide real estate brand while upholding dominance in the hospitality industry. Gulati said, “Through this procurement, the scale and size of the opportunity can be right away ajar for Oyo’s Homes business. At present, over 2.8 Million holidaymakers from more than 118 nations book their holiday each year with @Leisure Group. The collective power of both brands can range the opportunity multifold.”
Gulati added, “Tobias Wann, @Leisure Group’s CEO, will join leadership group of Oyo as CEO, Vacation Homes, Oyo Global, and will function with me to turn home business of Oyo into a worldwide by-word for urban home rentals and vacation.”
Likewise, Marriott International is getting ready to begin a new home-rental business with the aim of contending with Airbnb and similar other home-sharing firms, as reported by The Wall Street Journal. The firm joined hands with a home-rental management firm, Hostmaker, and provided 340 properties for home-sharing stays in Rome, Paris, London, and Lisbon.