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.
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.
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.”
(Edited by Evelyn Ratnakumar)