INDIA’S growing hospitality start-up, Oyo agreed to acquire Amsterdam-based vacation rental company, @Leisure Group for an estimated €369 million.
In its biggest-ever acquisition, SoftBank Group and Airbnb backed Oyo will purchase @Leisure Group from German media firm Axel Springer SE, both companies said yesterday (1).
Ritesh Agarwal, 25, founded company did not disclose the exact value of the transaction.
“...OYO Hotels & Homes has agreed to acquire the Amsterdam-based @ Leisure Group, a leading vacation rental company in Europe. Together we aim to realise our mission of creating perfect living spaces #OYO,” Oyo tweeted on its latest move.
Founder and chief executive officer of Oyo - Ritesh Agarwal tweeted: “Excited to have the @ Leisure Group join OYO family with 115k homes primarily under management from Norway to Amalfi Coast. Together, we’ll welcome millions of guests to our vacation homes the world over starting with Europe. Thrilled to also welcome Tobias Wann to OYO leadership.”
Tobias Wann, the chief executive officer at @Leisure Group, will join OYO’s leadership group as chief executive, Vacation Homes, OYO Global.
The acquisition by the Indian firm is expected to strengthen its business in Europe.
The hospitality group already has its presence in the UK at 30 locations.
Oyo aims to open 500 sites in Britain in the next 24 months in a direct challenge to hospitality giants- Premier Inn and Travelodge in the British market.
With the latest acquisition move, Oyo will now function in over 800 cities across 24 countries, including the US, the UK, India, China, and others.
Founded in 2017, the Indian start-up has over 15,000 villas and apartment units around the globe.
