In line with its aim to become a global market leader, India's largest hotel chain Oyo will acquire Amsterdam-based @Leisure Group for $415 million (roughly Rs. 2,900 crores).
Oyo on Wednesday said it would acquire @Leisure from Axel Springer, a media and technology company.
@Leisure is a leading vacation rental company in Europe and manages holiday homes, holiday parks and holiday apartments.
"With @Leisure Group, its team and capabilities, we see Oyo further its mission of creating quality living experiences for everyday travellers," Maninder Gulati, Oyo's Global Chief Strategy Officer, said in a statement.
@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.
Oyo said the acquisition will help it move a step closer in realising its vision of becoming a global real estate brand while maintaining leadership in the hospitality industry.
"Through this acquisition, the size and scale of the opportunity can be immediately unlocked for Oyo's Homes business. Today, more than 2.8 mn holidaymakers from over 118 countries book their holiday every year with @Leisure Group. The combined strength of both brands can scale the opportunity multifold," Gulati said.
"Tobias Wann, CEO, @Leisure Group, will join Oyo's leadership group as CEO, Vacation Homes, Oyo Global, and will work with me to turn Oyo's home business into a global by-word for vacation and urban home rentals," Gulati added.