New Delhi: Hospitality firm OYO has agreed to acquire Amsterdam-based vacation rental company @Leisure Group from Axel Springer for an estimated USD 415 million (over Rs 2,885 crore).
The acquisition will help OYO move a step closer in realising its vision of becoming a global real estate brand while maintaining leadership in the hospitality industry, the company said in a statement, Wednesday. @Leisure Group is a leading vacation rental company in Europe and manages holiday homes, holiday parks and holiday apartments, it added.
As part of the deal, the Amsterdam-based company’s CEO Tobias Wann will join OYO’s leadership group as CEO, Vacation Homes, OYO Global, the statement informed.
Commenting on the development, OYO founder & Group CEO Ritesh Agarwal said, “We see vacation homes as a unique opportunity with 1,15,000 units of homes now getting added to our already growing count of beautiful homes and we are excited to continue maintaining our global industry leadership.
“@Leisure Group has proven capabilities in helping develop Europe into a vacation rentals hotspot and OYO is keen to leverage their competencies towards ensuring beautiful vacation rental and urban homes experience for millions of tourists from every part of the world.”
In similar vein, OYO’s Global Chief Strategy Officer Maninder Gulati said: “Today, more than 2.8 million holidaymakers from over 118 countries book their holiday every year with @Leisure Group. The combined strength of both brands can scale the opportunity multifold.”
With the @Leisure Group set to join the chain, OYO will now have footprints in more than 800 cities across 24 countries – UK, US, India, China, Malaysia, Nepal, the UK, UAE, Indonesia, Saudi Arabia, the Philippines and more recently Japan.
