IBC's Gallery Suites, India's Oyo ink $5bn Dubai holiday home deal
Airbnb- and Vision Fund-backed Indian start-up to manage hospitality rental properties owned by UAE's IBC Group
Gallery Suites Vacation Rentals – a subsidiary of the UAE’s Khurram Shroff-led IBC Group – has tied up with Airbnb- and Masayoshi Son’s Vision Fund-backed Indian hospitality start-up Oyo Rooms in a $5bn (AED18bn) deal that will see it furnish and manage 10,000 holiday homes in Dubai.
Gallery Suites said in a statement that its selection came as Oyo sought to “address a growing demand for exceptional short-term rental experiences” in Dubai.
IBC Group will retain ownership of the properties and lease them to Gallery Suites to furnish and operate through relevant permits.
Oyo rooms, meanwhile, will implement the delivery of services such as marketing, housekeeping, and bookings.
Shroff said the deal would mark a period of growth for IBC as Dubai’s holiday home market noted expansion.
Commenting on the agreement, Oyo Arabia’s head for the UAE and Oman regions, Pranav Mehta, said: “The approach that IBC Group and Gallery Suites are taking in selecting prime hot locations and furnishing this portfolio of properties, as well as the scale of the venture, represents an exciting possibility for collaboration between our two companies.”