OYO commits to invest €300 million aims to strengthen the European vacation rental market

OYO commits to invest €300 million aims to strengthen the European vacation rental market

Furthering our global expansion plans, we are motivated to strengthen our focus in Europe on OYO Vacation Homes and the vacation rental market. This drive has been possible owing to the enormous preference for vacation homes by customers around the world. 

 

The strategic rationale behind this business decision follows the rapid growth of the recently acquired brands Belvilla, DanCenter, Danland, and Traum-Ferienwohnungen, combined with the many opportunities still to be capitalized within the vacation rental industry. This successfully positions OYO Vacation Homes as the world’s 3rd largest vacation home brand with its leading vacation rental management with the above brands. We have a sharp focus on offering our guests a consistent and nothing but an excellent holiday experience thereby becoming the partner of choice for homeowners. 

 

This is the start of a social revolution – how a truly global brand from India is not just reimagining hotels & reinventing living spaces but also creating quality living spaces for each and every one. Our never say never spirit has committed us to invest €300 million in the business, with a special focus on strengthening the relationship with homeowners and enabling them with the resources required to deliver chic hospitality experiences. With OYO Vacation Homes we are the first vacation rental company to offer homeowner property investments on a large scale of amenities right from air conditioning and appliance upgrades to property enhancements like a swimming pool or sauna. With the objective of making every OYO guest have a hassle-free experience, these services will help create happiness and unforgettable memories for each one of them. 

 

Our focus will be to expand the presence of OYO Home, Belvilla and Dancenter brands across Europe to pursue the significant opportunity of becoming the number 1 vacation rental brand globally.  Our focus, however, will remain to be the most preferred hospitality brand with the mission to ‘create a perfect space in every place’

 

Tobias Wann, CEO, OYO Vacation Homes, says: “To support our vision towards becoming the largest full-service vacation rental business, we will make significant investments to expand our footprint in the market. We are focusing on enhancing our customer proposition to not just families but new-age millennials and young executives, travelling for business or leisure, including consumers from newer geographies who travel to Europe from across the world including US, Asia, China and the Middle East. Consistently offering chic-looking, well-managed and organized holiday homes to our guests as well as opening doors to more vacation rentals will help 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.”

 

Maninder Gulati, Global Head, OYO Vacation and Urban Homes, & Chief Strategy Officer, OYO Hotels & Homes, says: “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 capitalize on its experience and insights aided with OYO’s proven approach towards building the world’s largest global vacation rentals business.”

 

We are the world’s fastest-growing chain of leased and franchised hotels, homes and spaces. Our full-stack fulfilment-led model enables us to run quality-ensured accommodations across different formats and place them in the hands of travellers who are always on the lookout for unique experiences. Today, more than 2.8 million holidaymakers from over 118 countries experience their holiday every year with OYO Vacation Homes. Since the acquisition in May, OYO Vacation Homes has doubled its growth rate. Outlooks for the rest of the year are even more positive and it is expected to accelerate even further in 2020.  

 

With global growth breaching 80 countries we are on the path to pursue our goal of becoming the largest hotel chain in the world by 2023. Together we are working towards a future where anyone can get their preferred accommodation anywhere at the push of a button. At the same time, we will ensure that our service standards remain world-class in the industry and help deliver the best occupancy results while introducing initiatives to strengthen the trust and relationship with our guests who stay with us. 

 

We are not chasing short terms goals; we are on a mission!

 

aatif.hashmi@oyorooms.com'
Meet the author / Aatif Hashmi