OYO to plough investment into vacation rental business
India: Indian hospitality startup OYO has revealed it will inject up to 300 million euros ($335.28 million) into its vacation rental home business to expand its increasing European footprint.
In May, OYO acquired Amsterdam-based holiday rental company @Leisure, after which the hospitality chain rebranded as OYO Vacation Homes.
In a statement, OYO said it now runs operates more than 125,000 homes in over 80 countries, as it broadens its attention beyond its traditional hotels business into the vacation rental sector.
OYO’s announcement follows the news that founder Ritesh Agarwal had raised his stake in the company with a $2 billion buyback, in a move that will bring his ownership stake nearer to the largest investor, SoftBank Corp.
The firm claims to be the world’s third-biggest and fastest-growing hotel chain.
For more information, visit the OYO Vacation Homes website here.