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OYO Hotels to invest €300 million to boost vacation rental biz in Europe

MUMBAI: OYO Hotels & Homes on Wednesday said it will invest €300 million to expand its vacation home rental business in Europe.

The company will focus on building the largest vacation rental management service business in Europe, OYO Hotels said in a statement.

At present, OYO Vacation Homes, part of OYO Hotels is present in Europe through its recently acquired vacation rental management brands Belvilla, Danland, and Dancenter along with Germany-based Traum-Ferienwohnungen.

” To support our vision towards becoming the largest full-service vacation rental business, we will make significant investments to expand our footprint in the market,” said Tobias Wann, chief executive officer, OYO Vacation Homes in a statement.

The company said it will aim to expand the presence of OYO Home, Belvilla and Dancenter brands across Europe.

“With a goal of becoming the largest vacation rentals business in Europe, OYO Vacation Homes will continue to make significant investments in resourcing and manpower towards growing its existing footprint in the market.” Wann said.

Headquartered in Netherlands, OYO Vacation Homes has offices Switzerland, Spain, Italy, Netherlands, France, and cities across Europe.

” With Europe spearheading the vacation and urban home rental trend globally, OYO Vacation Homes is uniquely positioned to capitalize on its experience and insights aided with OYO’s proven approach towards building the world’s largest global vacation rentals business, ” said Maninder Gulati, Global Head, OYO Vacation and Urban Homes, & Chief Strategy Officer, OYO Hotels & Homes.

At present, OYO Hotels & Homes has fully operated real estate comprising of more than 23,000 hotels and 125,000 vacation homes, with over 1 million rooms, globally.

Source: Livemint