Worldwide: OYO Vacation Homes has announced the addition of 17,000 homes to its vacation rental portfolio.
The homes will come from business Wolters Reisen, which assumed control over TUI’s vacation home rentals in late 2019.
Detlev Schaferjohann, owner of E-Domizil, the previous owners of the homes, said: “Following the acquisition of the entire TUI Wolters business, the sale of the holiday home tours operator business to OYO Vacation Homes rounds up a very successful transaction.”
The terms of the deal have not been made public as of this moment, nor has the amount that OYO paid.
It comes as OYO faces trouble in its core markets of India and China. Continuing its trend of layoffs, it recently let go over 350 people in the United States.
The company has come under criticism for the rapidity of its expansion, with industry insiders questioning whether the small hotel business can be conquered.
Tobias Wann, global CEO of OYO Vacation Homes said: “At OYO, our acquisition strategy is focused towards building on our existing capabilities and with E-Domizil as a partner, we have found synergies to strengthen our presence across Europe.
“With Europe spearheading the vacation and urban home rental trend globally, OYO Vacation Homes is uniquely positioned to capitalise on its experience and insights aided with OYO’s proven approach towards building a large global vacation homes business,” he added.
OYO first entered the short-term rental business last year, when it purchased @Leisure group in a reported €360 million deal. The company has since been organising its business, appointing Raj Kamal as its COO.
By continuing to expand, OYO may be able to build in the steadily growing vacation rental market to offset any losses from its main business.
For more information, visit the OYO Vacation Homes website here.