India’s fast-growing hotel chain Oyo will expand in Europe with the purchase of an Amsterdam-based vacation rental firm. Oyo will reportedly pay €369.5m ($415m; £317.9m) for @Leisure.
The Indian firm has grown rapidly since its launch in 2013 and claims it is the world’s sixth largest hotel chain. Founded by Ritesh Agarwal, now 25, Oyo has received funding from Japanese conglomerate Softbank as well as Airbnb, reports BBC.
Last month the firm secured a “strategic investment” from Airbnb, reportedly valued at $100m. Oyo operates budget hotels as well as rental homes across countries including China, US and UK, as well as India.
Ritesh Agarwal founded Oyo in 2013
The company hopes to expand its reach in the European holiday market with its acquisition of @Leisure – which manages homes, parks and apartments – from German media firm Axel Springer.
Oyo Global Chief Strategy Officer Maninder Gulati said the European market is “spearheading the vacation and urban home rental trend globally”.
More than 2.8 million holiday-makers from 118 countries already book their holiday every year with @Leisure Group, he said.
“Through this acquisition, the size and scale of the opportunity can be immediately unlocked for Oyo’s homes business,” Mr Gulati said.