Dubai-based Gallery Suites Vacation Rentals, a subsidiary of IBC Group, revealed that it has teamed up with Indian hospitality company Oyo Rooms to furnish and manage premier holiday homes in Dubai.
The partnership will manage a portfolio of 10,000 elite properties in Dubai, as premier and uniquely furnished holiday homes that address a growing demand for exceptional short-term rental experiences in the Emirati city.
With a total investment of $5 billion, the partnership aims to offer a rich pool of high-quality holiday homes, in high-price locations, at affordable rates, to the international travellers visiting Dubai.
As part of the move, IBC will retain ownership of the assets, lease them to Gallery Suites to furnish and operate under permits issued to it, whereas Oyo Rooms will enable many of the fundamental operational functions, such as marketing, and others.