<article>OYO Hotels &amp; Homes has agreed to acquire Amsterdam-based @Leisure Group, a vacation rental company, from media and technology firm Axel Springer, for an estimated €369 million.</article>

OYO Hotels &amp; Homes has agreed to acquire Amsterdam-based @Leisure Group, a vacation rental company, from media and technology firm Axel Springer, for an estimated €369 million.
The acquisition is a significant move for the five-year old hospitality start-up as it would help expand its presence in Europe. It is currently present only in the UK with 30 hotels under its flagship brands OYO hotels and OYO townhouse.
The company did not disclose the value of the deal. However, according a person aware of the transaction Oyo would be buying out @Leisure Group for around €369 million.
“We see vacation homes as a unique opportunity with 115,000 units now getting added to our already growing count of beautiful homes and we are excited to continue maintaining our global industry leadership,&#8221; OYO founder and Group chief executive officer Ritesh Agarwal said in statement.
Leisure Group operates under Belvilla, DanCenter and Danland brands. It has over 30,000 holiday homes across 13 countries in Europe. Through its Traum-Ferienwohnungen brand, it offers a subscription-based home management service with over 85,000 homes across 50 countries.
“@Leisure Group has proven capabilities in helping develop Europe into a vacation rentals hotspot and we are keen to leverage their competencies towards ensuring beautiful vacation rental and urban homes experience for millions of tourists from every part of the world,&#8221; Agarwal said.
(with inputs from Reuters)
This article was first published on <a href="https://www.livemint.com/companies/news/oyo-to-buy-amsterdam-based-leisure-group-from-axel-springer-1556710952396.html">livemint.com.</a>

The acquisition is a significant move for the five-year old hospitality start-up as it would help expand its presence in Europe.

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OYO to buy out Leisure Group from Axel Springer for $415m

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