In a bid to strengthen its presence in Europe, Oyo will acquire the Amsterdam-based @Leisure Group — a vacation rental company offering 30,000-holiday homes across 13 countries in Europe, and another 85,000 homes across 50 countries through a subscription-based home management service.
With this “OYO will move a step closer in realizing its vision of becoming a global real estate brand while maintaining leadership in the hospitality industry.”According to industry reports, Oyo has reportedly bought @Leisure for $415 million.
The acquisition of @Leisure will help Oyo solidify its position in the home rental space, which is currently ruled by hospitality service giant Airbnb. Interestingly, last month, Oyo and Airbnb announced a strategic partnership, wherein the latter is said to have invested around $200 million in the Series E funding round of OYO.
Maninder Gulati, OYO’s Global Chief Strategy Officer, said, “I would like to commend @Leisure Group’s team for the incredible work they have done to bring wonderful and memorable living experiences to travelers around the world by offering beautiful holiday homes, cottages and holiday parks, in 300+ cities across Europe stretching all the way from Kokelv, Norway to Zahara de los Atunes, Spain.
“With @Leisure Group, its team and capabilities, we see OYO further its mission of creating quality living experiences for everyday travelers.”
At present, Oyo has its presence in the UK, US, India, China, Malaysia, Nepal, the UK, UAE, Indonesia, Saudi Arabia, the Philippines, and Japan.
