India’s Oyo is set to invest €300 million in its European vacation-home rental business.
According to the company, the new capital will go into “strengthening the relationship with homeowners and enabling them with the resources required to deliver chic hospitality experiences.”
The company ultimately hopes to build the largest vacation-rental management-service business in Europe, managed under the Oyo Home, Belvilla, Danland and Dancenter brands.
Oyo operates more than 125,000 vacation homes, and Oyo Vacation Homes has “doubled its growth” since May’s €360 million acquisition of European vacation-rental company @Leisure Group added 115,000 holiday homes to its portfolio. Oyo later rebranded @Leisure to Oyo Vacation Homes.
“Globally, vacation rentals represent a massive, multi-trillion [dollar] opportunity, the largest of which is in Europe,” said Maninder Gulati, global head, Oyo vacation and urban homes/chief strategy officer, Oyo Hotels & Homes. “With Europe spearheading the vacation- and urban-home-rental trend globally, Oyo Vacation Homes is uniquely positioned to capitalize on its experience and insights aided with Oyo’s proven approach toward building the world’s largest global vacation-rentals business.”
According to tech-focused website TechCrunch, Europe’s vacation-rental market will be worth some $18.6 billion this year, growing at between 4 percent and 8 percent annually.