It will bring 737 vacation homes that are managed by Bornholmske to the OYO’s collection.
The agreement was executed by the Danish government’s Invest in Denmark initiative.
As part of the agreement, Bornholmske Feriehuse director Rasmus Lund will remain in charge of the business.
Major in hospitality OYO the previous day (August 9) announced that it had acquired Danish holiday home business Bornholmske Feriehuse. The company didn’t reveal the cost of the acquisition.
The acquisition will increase OYO’s footprint in Bornholmske, and allow the company to serve the additional customers that visit these homes for vacation. The acquisition will also bring 737 vacation homes operated by Bornholmske to the OYO kitty.
The transaction was carried out via OYO via the company’s European company subsidiary DanCentre.
The agreement was executed through the Danish government’s ‘Invest in Danmark initiative which is designed to provide a one-stop solution to foreign companies looking to set up or expand their presence within the country.
I feel extremely happy as we are delighted to welcome Rasmus and join Bornholmske Feriehuse under the brand OYO. Bornholm is a great place to develop tourism over the next few years. We are pleased to support the Invest in Denmark initiative and strive to develop tourism in Bornholm as well as Denmark, OYO group chief executive officer (CEO) Ritesh Agarwal said.
In the deal Bornholmske Feriehuse director and cofounder Rasmus Lund will remain in charge of the business and expand the company’s operations.
Established in 2002 in 2002 by Rasmus And Jacob Lund, Bornholmske Feriehuse is a full-stack operation that offers complete solutions to homeowners. The company allows customers to reserve vacation homes, the owners being able to advertise their properties and receive an income from total sales.
This acquisition is also expected to permit additional OYO properties to be listed on the platform, and allow customers to book their rooms.
In the next few months the holiday homes at Bornholmske Feriehuse will become available to be booked through more than 130 web portals that DanCenter collaborates. Additionally, Bornholmske Feriehuse now has an increased capacity of holiday houses that is a good development for the concept that has previously included holiday homes and centers as its main focus, OYO said in an announcement.
This acquisition comes a few several months after OYO completed the acquisition of the Europe-based holiday rental firm Direct Booker for an undisclosed amount.
The company’s hospitality division has a significant presence in European countries, including countries like the Netherlands, Belgium, Germany, Austria, Croatia, in addition to. In total, OYO offered its services in more than 35 countries by the close of March 2021.
The unicorn also provides more than 40 products and services to its customers who operate more than 1.57 Lakh hotels and home storefronts across countries such as India, Europe, and Southeast Asia.
In the last month, it was revealed that the hospitality company’s general manager of marketing Rohit Kapoor had resigned from the startup and was set to accept a higher-level post at the foodtech giant Swiggy.
The tourism and hotel industry was predicted to hit the $722 billion mark at the close of 2022. On similar lines, Indian tourism and hospitality was expected to earn as much as $50.9 Billion in foreign visitors at the end of 2028.