OYO adds another 17,000 homes to its vacation rental arm

February 10, 2020
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The home rental arm of budget hotel chain, OYO Vacation Homes, has recently announced an addition 17,000 homes have been added to its rental portfolio.

The homes will come from business Wolters Reisen, which assumed control over TUI’s vacation home rentals in late 2019.

Detlev Schaferjohann, owner of E-Domizil, the previous owners of the homes, said:

“Following the acquisition of the entire TUI Wolters business, the sale of the holiday home tours operator business to OYO Vacation Homes rounds up a very successful transaction.”

The terms of the deal have not been made public as of this moment, nor has the amount that OYO paid.

It comes as OYO faces trouble in its core markets of India and China. Continuing its trend of layoffs, it recently let go over 350 people in the United States.

The company has come under criticism for the rapidity of its expansion, with industry insiders questioning whether the small hotel business can be conquered.

Tobias Wann, global CEO of OYO Vacation Homes said:

“At OYO, our acquisition strategy is focused towards building on our existing capabilities and with E-Domizil as a partner, we have found synergies to strengthen our presence across Europe."

Read more here

February 10, 2020

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