New Delhi, Hospitality major OYO has brought investor Martin HP Soderstrom on the board of directors of its European business of OYO Vacation Homes (OVH) as a Non-Executive Director.

In a statement, the company said that 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, it said.

"It is therefore a large and critical part of the company's global business, and OYO is committed to investing and growing it. In recent months, an additional 3,400 homeowners throughout Europe have joined the company adding more than 5,000 homes to the current portfolio of the company," it said.

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".

"We are positive that his deep experience in M&As and working with high-growth companies will add a lot of value to our growth journey in Europe, both organic and inorganic, and support us in our long-term goal of an IPO," he said.