OYO and its European business of OYO Vacation Homes (OVH) announced that Martin HP Söderström has joined the company’s Board in the region as a Non-executive Director.
Martin will also be buying shares worth an undisclosed amount in the parent company. The move is a welcome development as OYO, through its brands Belvilla, Dancenter, Traum Ferienwohnungen, Stugsommar, is doubling down on its sustainable growth and presence in the region, given the strong trend of customers choosing vacation homes as an overwhelmingly better alternative than larger star hotels. After the recent conclusion of the acquisition of TUI Ferienhaus business from e-domizil GmbH, the company is now the second largest globally in the vacation homes space by number of homes.
As a member of the Board, Martin will work closely with the management team of OYO to drive continued and sustainable growth in the company. He will provide guidance on potential M&A opportunities and would also assist the organization in building deep strategic partnerships with other leading, EU-based companies and lay out its brand positioning strategy as a thought leader in the vacation rental space.
Söderström is Chairman of DIG Investment, a private investment office focused on direct investments in the global alternatives market, which he founded in 2011. Its primary area of investments are in tech-related companies in the growth to Pre-IPO phase. Today, DIG Investment has a portfolio in Asia, Europe and the US within consumer brands, shared economies, retail, hospitality. He is also the Chairman & Founder of HMP (private office), HH&P Executive Search (HR/ Recruitment), and HM Philip (Advisory Boutique) etc.
Commenting on the development, Ritesh Agarwal, Founder & Group CEO, OYO Hotels & Homes, said, “For OYO, its customers and homeowners in the EU region, especially in the Nordics, hold immense strategic importance. Given Martin’s deep understanding of the region and strong business acumen, I am elated to welcome him as an investor and a fellow Board member at OYO Europe.”