Gallery Suites Vacation Rentals has joined forces with Oyo Hotels & Homes to furnish and manage a portfolio of 10,000 elite properties in Dubai. The agreement will result in a portfolio of premier and uniquely furnished holiday homes, to address the growing demand for exceptional short-term rental experiences in the city.
Oyo Hotels & Homes founder, Ritesh Agarwal, will buy back $2 billion in shares in the company from investors. Agarwal is buying part of the shareholdings of early investors Sequoia Capital and Lightspeed Venture Partners.
The partnership provides Oyo with access to more than 60,000 travel buying intermediaries around the world that use the Hotelbeds platform, including tour operators, airline websites, points redemption programs, loyalty plans from more than 140 source markets.
Since launching in the UK October 2018, Oyo has opened 30 hotels across the UK - including properties in London, Birmingham, Manchester, Blackpool and Edinburgh - and built a team of over 100 employees working in business development, operations, transformation, marketing and other functions.