SoftBank-backed Oyo is looking towards the US rental market

March 15, 2020
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Indian firm plans to expand from 50 existing vacation properties in the US

Indian hotel company Oyo is joining several U.S. companies in a bid to grow its vacation-home rental business in the U.S., according to the Wall Street Journal.

The model involves either managing vacation-home rentals on behalf of owners or renting out apartments, which can then be sub-leased to travelers.

Oyo, which specializes in managing budget hotels and has raised $3 billion from SoftBank, currently operates about 50 vacation homes in the U.S., and is now looking to expand by targeting a wider range of travelers.

“We don’t think of hotels and vacation homes as two different businesses,” Oyo’s Chief Executive, Ritesh Agarwal, told the Journal.

Agarwal said he believed the vacation-home model would pose fewer regulatory hurdles than the short-term-rental model, which is subject to restrictions in many major cities. In smaller towns, vacation homes will come under less scrutiny.

Read more here

March 15, 2020

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