Indian hotel startup OYO is making a big move into Europe
India's biggest hotel company is buying a European rival in its bid to become the global market leader.
- OYO is paying €369.5 million ($415 million) for @Leisure Group, based in Amsterdam, according to sources familiar with the transaction.
- The European vacation rental group operates more than 30,000 holiday homes in 13 countries, and another 85,000 properties across 50 countries under a subscription-based home management service.
- OYO, which started five years ago as a platform to book budget hotels in India, has nearly half a million rooms across eight countries including China, Malaysia, Indonesia and the United Kingdom.