France: Softbank-backed Indian hospitality chain OYO has acquired Paris-based short-/mid-term rental property management company Checkmyguest, according to French publication Les Echos.
The amount of the transaction, which is due to be finalised in the second half of the year, has not been disclosed. However, the report suggests that OYO could value Checkmyguest at around €100 million.
It is believed that the deal will also include the purchase of housing renovation business HMG [formerly Helpmyguest] and luxury rental apartment management company Studio Prestige.
Checkmyguest co-founders Joffrey Ichbia, Julien Madar and Kevin Cohen are quoted as calling the transaction “an extraordinary opportunity for us”.
Writing on LinkedIn, Icchbia said: “This merger is a major milestone for us and opens up incredible opportunities in terms of development, new markets, and careers.”
He also confirmed that the three co-founders would remain at the helm of Checkmyguest for the foreseeable future.
OYO, which now operates more than 17,000 hotels and residences around the world, withdrew its second initial public offering [IPO] application in May, although it was said to be aiming to refile after the closure of a refinancing round. The chain was previously valued at a high of $10 billion but multiple attempts to go public via an IPO have been delayed due to volatile market conditions.
Having bought Amsterdam-based vacation rental company @Leisure Group in 2019, the Indian chain currently manages more than 50,000 vacation homes in 20+ European countries, including in France, Germany, Spain, Italy, the Netherlands, Belgium and Austria. Checkmyguest will be OYO’s third major purchase in the short-term rental space since launching OYO Vacation Homes, following the acquisition of Croatian vacation rental franchise agency Direct Booker for $5.5 million in May 2022 and Nordic-based holiday home operator Bornholmske Feriehuse three months later.
More recently, OYO has announced that it is extending the footprint of its premium home rental brand Belvilla in the UK, while OYO Vacation Homes brand Dancenter is also planning significant expansion this year.
Meanwhile in March, Checkmyguest raised funding via an SPV [special purpose vehicle], backed by Swiss Life Banque Privée, to buy vacant offices in Paris and convert them into short-term / mid-term rentals.
