The Indian hotel chain OYO, backed by SoftBank and ranked among the world's top ten hotel groups, has announced the acquisition of Checkmyguest, a Paris-based company specialising in the management of short and medium-term rental properties.

The deal, the amount of which remains confidential, could value Checkmyguest at around €100 million.

Founded in 2013 by Ritesh Agarwal, OYO has raised nearly $4.1 billion from 26 investors, including SoftBank and Airbnb. The group currently operates more than 17,000 hotels and residences around the world. The acquisition is part of a wider strategy to develop its portfolio in the holiday rental sector.

Checkmyguest, founded in 2016, specialises in transforming commercial and office premises into accommodation for short or medium-term stays. It also manages these properties, including booking, pricing and maintenance, while earning a 20% commission on rents. The agreement with OYO is also expected to include the acquisition of HMG (formerly Helpmyguest), a company specialising in residential renovation, and Studio Prestige, a luxury flat management company.

Since the acquisition of Dutch company @Leisure Group in 2019, OYO has managed more than 50,000 holiday homes in over 20 European countries, including France, Germany, Spain, Italy, the Netherlands, Belgium and Austria. The purchase of Checkmyguest is OYO's third major investment in the short-term rental business, following the acquisition of Croatian agency Direct Booker in May 2022 for $5.5 million and Nordic operator Bornholmske Feriehuse three months later.

OYO recently withdrew its application for an initial public offering (IPO) in May, although it is expected to be renewed following the completion of a refinancing transaction. While OYO's previous maximum valuation was $10 billion, several attempts to list the company on the stock market have been delayed due to volatile market conditions.

At the same time, OYO continues to expand its presence with its Belvilla premium home rental brand in the UK and expects significant expansion for its OYO Vacation Homes Dancenter brand this year. Last March, Checkmyguest raised funds via an SPV backed by Swiss Life Banque Privée to acquire and convert vacant offices in Paris into accommodation for short and medium-term stays.