Budget hotel company OYO Hotels and Homes said on Wednesday it is set to acquire Amsterdam-based vacation rental firm @Leisure Group for about $415 million (over ₹2,885 crore).
OYO will acquire @Leisure, which manages holiday homes, parks and apartments in Europe, from media and technology firm Axel Springer.
“The @Leisure Group has proven capabilities in helping develop Europe into a vacation rentals hotspot and we are keen to leverage their competencies,” said Ritesh Agarwal, founder and Group CEO, OYO, in a statement.
With its Belvilla, DanCenter and Danland brands, the @Leisure Group seeks to offer over 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.
“@Leisure Group was started with a similar mission to identify and service all forms of vacation and urban home rentals, focussing on delivering a hassle-free experience to both homeowners and guests.
“We now aspire to leverage our synergies to deepen our presence in Europe and look to expand globally,” said Tobias Wann, CEO, @Leisure Group.