OYO to acquire Amsterdam-based Leisure Group for USD 415 mn

Hospitality firm OYO has agreed to acquire Amsterdam-based vacation rental company Leisure Group from Axel Springer for an estimated USD 415 million (over Rs 2,885 crore).

The acquisition will help OYO move a step closer in realising its vision of becoming a global real estate brand while maintaining leadership in the hospitality industry, OYO said in a statement.

According to sources in know of the matter, the acquisition cost is USD 415 million (around Rs 2,885 crore).

Leisure Group is a leading vacation rental company in Europe and manages holiday homes, holiday parks and holiday apartments, it added.

As part of the deal, Leisure Group CEO Tobias Wann will join OYO's leadership group as CEO, Vacation Homes, OYO Global, the statement said.

Commenting on the development, OYO founder & Group CEO Ritesh Agarwal said, "We see vacation homes as a unique opportunity with 115,000 units of homes now getting added to our already growing count of beautiful homes and we are excited to ...