The country’s hospitality firm Oyo will buy the vacation rental company At Leisure Group of Europe for $ 415 million. Leisure Group is Europe’s leading vacation rental company. Which handles Holiday Homes, Holiday Parks and Holiday Apartments.
Oyo says that this deal will also help in meeting the desire to become a leader in the hospitality industry as well as to create a global real estate brand. Leisure Group operates 30,000 Holiday Homes in 13 countries. Under the Subscription Based Home Service, there are 85,000 properties in 50 countries. Oyo’s Global Chief Strategy Officer, Maninder Gulati, says that 28 lakh people from 118 countries each year book a holiday package by the Leisure Group.
Oyo founder Ritesh Agarwal started the oyo as the booking platform of the cheaper hotel five years ago. oyo operates around 5 lakh hotel rooms in 8 countries including India, China, Malaysia, Indonesia and UK today.
Oyo also claims to be involved in the top-5 hospitality chain in China. It has 5,000 hotels partner in 280 cities. Buying Leisure will help Oyo expand its business in 24 countries.