Oyo To Acquire @Leisure Group For $415 Million In Europe Home Rental Push
Oyo agreed to acquire @Leisure Group from Germany’s Axel Springer as it expands its home rental footprint in Europe.
While the company didn’t disclose the financial details, according to sources in the know of the matter, the acquisition cost is $415 million (around Rs 2,885 crore).
Amsterdam-based @Leisure Group is a leading vacation rental company in Europe and manages holiday homes, holiday parks and holiday apartments, Oyo said in a statement. The acquisition will help the hospitality company move a step closer in realising its vision of becoming a global real estate.
As part of the deal, Tobias Wann, @Leisure Group chief executive officer, will join Oyo's leadership group as CEO, Vacation Homes, Oyo Global.
“We see vacation homes as a unique opportunity with 115,000 units now getting added to our already growing count of beautiful homes,” Ritesh Agarwal, Oyo founder & Group CEO, said in the statement. @Leisure Group has proven capabilities in helping develop Europe into a vacation rentals hotspot and Oyo is keen to leverage their competencies, he said.
Maninder Gulati, global chief strategy officer at Oyo, said 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.”
Andreas Wiele, president, classifieds media at Axel Springer SE, said: “@Leisure Group has become one of the best integrated holiday home providers in just four years under the excellent leadership of Tobias Wann and his colleagues.” For Oyo Hotels & Homes, it is a perfect platform for driving forward further consolidation in this segment, he said.
@Leisure Group, through its Belvilla, DanCenter, and Danland brands, offers more than 30,000 fully managed holiday homes across 13 countries in Europe. Through its Traum-Ferienwohnungen brand, it 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.
With the @Leisure Group set to join the chain, Oyo will have a footprint in more than 800 cities across 24 countries: including the U.K., the U.S., India, China, Malaysia, Nepal, the U.A.E., Indonesia, Saudi Arabia, the Philippines and more recently Japan.