Mumbai: Hospitality firm Oyo on Wednesday said it will invest 300 million euro (over Rs 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.
"The company has committed to invest EUR 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.