New Delhi: Hospitality firm Oyo on Wednesday said it will invest £300 million (over ₹2,390 crore) to strengthen presence in European vacation rental market, given the increasing preference for vacation homes by customers.
The decision follows the rapid growth of the recently acquired brands Belvilla, DanCenter, Danland and Traum-Ferienwohnungen, combined with the many opportunities still to be capitalised within the vacation rental industry, Oyo Hotels and Homes said in a statement.
"The company has committed 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," it added.
The firm will aim to expand the presence of OYO Home, Belvilla and Dancenter brands across Europe to pursue the opportunity of becoming the number one vacation rental brand globally, the statement said.
"Globally, vacation rentals represent a massive multi-billion Euro opportunity, the largest of which is in Europe," Global Head Oyo Vacation and Urban Homes, and Chief Strategy Officer Oyo Hotels & Homes Maninder Gulati said.
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, he added.
"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," Oyo Vacation Homes CEO Tobias Wann said.
Amsterdam-headquartered Oyo Vacation Homes is part of Oyo Hotels and Homes.
The company's portfolio currently comprises more than 23,000 hotels and 1,25,000 vacation homes, with over one million rooms globally.