Oyo seals USD5 billion deal to manage 10,000 Dubai rentals
Indian hospitality unicorn Oyo has inked a $5 billion deal with Gallery Suites to manage 10,000 vacation homes in Dubai.
Oyo will furnish and manage Gallery Suites Vacation Rentals’ portfolio, which makes up about 2% of Dubai’s entire housing stock.
While Oyo’s budget hotel business continues to expand into new markets at breakneck speed, its Oyo Homes division has been equally as busy.
It has become a formidable player in Europe after the $360 million acquisition the @Leisure Group.
Oyo has been actively seeking to bolster its presence in the Gulf region and recently rolled out an Arabic language version of its mobile app.
Gallery Suites’ portfolio is predominantly in the upscale segment in prime locations favoured by travellers.
According to Gallery Suites the vacation rental market in Dubai has grown about 160% in less than three years.
Gallery Suites’ parent company IBC Group will retain ownership of the properties while Oyo will focus on marketing, booking operations and housekeeping.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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