oyo ritesh e1565801105593

Hospitality firm Oyo on Wednesday said it will invest 300 million euro (over Rs 2,390 crore/ US$334 Mn) to strengthen presence in European vacation rental market, given the increasing preference for vacation homes by customers.

The decision follows the rapid growth of the recently acquired brands Belvilla, DanCenter, Danland and Traum-Ferienwohnungen, combined with the many opportunities still to be capitalised within the vacation rental industry, Oyo Hotels and Homes said in a statement.

“The company has committed to invest EUR 300 million in the business, with a special focus on strengthening the relationship with homeowners and enabling them with the resources required to deliver chic hospitality experiences,” it added.

The firm will aim to expand the presence of OYO Home, Belvilla and Dancenter brands across Europe to pursue the opportunity of becoming the number one vacation rental brand globally, the statement said.

“Globally, vacation rentals represent a massive multi-billion Euro opportunity, the largest of which is in Europe,” Global Head Oyo Vacation and Urban Homes, and Chief Strategy Officer Oyo Hotels & Homes Maninder Gulati said.

With Europe spearheading the vacation and urban home rental trend globally, Oyo Vacation Homes is uniquely positioned to capitalise on its experience and insights aided with Oyo’s proven approach towards building the world’s largest global vacation rentals business, he added.

“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,” Oyo Vacation Homes CEO Tobias Wann said.

Amsterdam-headquartered Oyo Vacation Homes is part of Oyo Hotels and Homes.

RELATED READING  OYO India Walks the Talk on its Commitment to Quality - Implements 3C Club Red Programs for Improving Customer Experience

The company’s portfolio currently comprises more than 23,000 hotels and 1,25,000 vacation homes, with over one million rooms globally. PTI AKT

Like this content? Sign up for our daily newsletter to get latest updates.

IIT Madras Develops ‘GraspMan’ – A Robot-equivalent of A Human Hand

Previous article

The ‘WE’ Ticker – WeWork Files to Go Public

Next article



This site uses Akismet to reduce spam. Learn how your comment data is processed.

You may also like