SoftBank-backed hotel company OYO is looking to take on rivals, including Airbnb, with the €369.5m ($415m) acquisition of Amsterdam-based @Leisure Group. The deal will see OYO’s hotels and resorts in Europe become part of a global network that includes more than 100 properties across Asia, Australia and North America. The company, based near Delhi, is growing faster than the world's top three hotel chains, and aims to become a global market leader. The acquisition is set to close in June.
SoftBank-backed hotel company OYO is looking to take on rivals, including Airbnb, with the €369.5m ($415m) acquisition of Amsterdam-based @Leisure Group. OYO's portfolio includes almost 500,000 rooms across eight countries, and the purchase would add more than 30,000 holiday homes in 13 countries, as well as 85,000 subscription-based properties across 50 nations. The company, based near Delhi, is growing faster than the world's top three hotel chains, and aims to become a global market leader. The acquisition is set to close in June.