Europe: OYO Rooms has finalised its acquisition of @Leisure Group and renamed the company as OYO Vacation Homes, just two months after details of the deal first emerged.
Netherlands-based @Leisure Group is having its name changed to OYO Vacation Homes, as OYO seeks to align its collective businesses under the sole umbrella brand for corporate purposes.
OYO purchased @Leisure for a reported €360 million in May this year, representing its first acquisition in Europe. The deal reflects the company’s ambitions to expand further into the continent as an extension to its existing core business in Asia.
@Leisure CEO Tobias Wann will however remain in his role as head of the division and will now oversee the existing brands.
OYO Vacation Homes’ portfolio includes more than 30,000 fully managed short-term rental properties across Europe, operating nine brands including Belvilla, DanCenter and Danland.
It also has a subscription-based home management service under the Traum-Ferienwohnungen brand, which has more than 85,000 homes in 50 countries and also participated in the acquisition.
Wann said the new brand would be investing in efforts to hire talent as part of its ongoing expansion and rebranding plans.
He said: “OYO is one of the fastest growing and most admired hospitality brands in the world. We want to contribute to OYO’s aspiration to become the world’s largest hospitality company by growing the vacation homes business.”
For more information, visit the OYO Rooms website here.