OYO Hotels & Homes has announced that it has agreed to acquire Amsterdam-based @Leisure Group, a vacation rental company in Europe and manages holiday homes, holiday parks, and holiday apartments.
OYO will acquire @Leisure from Axel Springer, a media and technology company.
@Leisure Group, through its Belvilla, DanCenter, and Danland brands, offers more than 30,000-fully managed holiday homes across 13 countries in Europe and through its Traum-Ferienwohnungen brand, offers a subscription-based home management service with over 85,000 homes across 50 countries. This represents a total inventory of over 300,000 rooms.
The acquisition helps OYO move a step closer in realising its vision of becoming a global real estate brand while maintaining leadership in the hospitality industry.
“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 over 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, said OYO Global Chief Strategy Officer, Maninder Gulati.
Globally, Homes presents OYO with a massive opportunity covering vacation rentals and urban homes with Europe being the largest market accounting for 30 to 40 per cent of the total supply.
@Leisure Group also has an OYO-like full-stack approach to vacation rentals management, having built deep data-driven capabilities in revenue management, homeowner engagement, and property management services.
“With Europe spearheading the vacation and urban home rental trend globally, @Leisure Group is uniquely positioned to capitalise on its experience and insights aided with OYO’s full stack approach towards building the world’s largest global vacation rentals business.
“If one were to look at Europe alone, there is an ever-increasing demand for vacation homes with an increasing trend of booking an entire home. Further, in such a market of largely fragmented small and independent players, and a handful of established players, of which @Leisure Group, is one of the largest, we feel travellers will be excited with what @Leisure Group can offer.
“Through this acquisition, the size and scale of the opportunity can be immediately unlocked for OYO’s Homes business. 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,” added Mahinder.
Meanwhile, Mahinder also said @Leisure Group chief executive officer (CEO) Tobias Wann will join OYO’s leadership group as CEO, Vacation Homes, OYO Global, and will work with him “to turn OYO’s home business into a global by-word for vacation and urban home rentals.”
Launched in 2017, OYO Home already has over 15,000 villas and apartment units globally. Over the last six years, the company has built and demonstrated deep capabilities in upgrading various forms of real estate and rapidly transforming them into efficient and beautiful spaces. This move will combine OYO’s capabilities of asset management and technology with the presence, local know-how and category-specific expertise of The @Leisure Group in the sphere of vacation rentals.