OYO aims to strengthen its focus on European vacation homes, commits to €300M investment
OYO announced that it will now strengthen its focus on the European market with OYO Vacation Homes and Vacation. It has committed to €300 million for the geography to reach its goal of becoming the leading vacation rental brand globally.
Gurugram-based hospitality unicorn Oyo Hotels and Homes on Tuesday announced that it will be investing €300 million for vacation homes in Europe. The Softbank-backed startup has committed to invest in the business with a focus on strengthening the relationship with homeowners and also enabling them with resources needed.
With the acquistion of Belvilla in May this year, close to 2.8 million holidaymakers from over 118 countries use Oyo Vacation Homes.
Oyo Vacation Homes in Europe already has leading vacation brands like Dancentre, Belvilla, and Danland, along with Germany-based Traum-Ferienwohnungen.
In a press statement, Tobias Wann, CEO, Oyo Vacation Homes, said to support the company's vision towards becoming the largest full-service vacation rental business, the team will make significant investments to expand its footprint in the market.
Tobias added that the business is focussing on enhancing their customer proposition to not just families but new-age millennials and young executives, travelling for business or leisure. They are also looking at consumers from newer geographies who travel to Europe from across the world, including the US, Asia, China, and the Middle East.
"The idea is to consistently offer chic-looking, well-managed and organised holiday homes to our guests as well as opening doors to more vacation rentals to unlock our next growth phase. With a goal of becoming the largest vacation rentals business in Europe, OYO Vacation Homes will continue to make significant investments in resourcing and manpower towards growing its existing footprint in the market," he added.
With this €300 million invest, OYO Vacation Homes aims to start offering homeowner property investments for amenities like air conditioning, appliance upgrades, and also property enhancements.
The team also aims to bring in technology updates on the different platforms, like the Belvilla website.
Maninder Gulati, Global Head, OYO Vacation and Urban Homes, & Chief Strategy Officer, OYO Hotels & Homes, stated, “Globally, vacation rentals represent a massive multi-billion Euro opportunity, the largest of which is in 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 the world’s largest global vacation rentals business.”
The investment will also go into quality cleaning services and tech-enabled management. The team is also looking at more resources for the vacation home business across different parts of Europe.
(Edited by Evelyn Ratnakumar)