OYO enters high-end leisure resorts segment through its new label ‘Palette Resorts’
Palette Resorts by OYO will be operated under models of manchise, lease with full-inventory control like the economy and mid-market segments where OYO hotels is already in.
The Delhi-NCR based hospitality aggregator startup OYO hotels on Thursday announced the launch of Palette Resorts in the upscale hotel category.
After gaining a stronghold in the budget and mid-market categories, OYO is currently curating a range of resorts that will offer exclusively designed staycations for those in search of an intuitive and premium experience at competitive prices.
“With Palette by OYO, we are expanding our playfield to upscale resorts, while remaining committed to our core value proposition - location, quality, and price. These are handpicked, premium accommodations that guarantee a memorable, predictable yet wonderful vacation experience for our guests, by leveraging our technology and operational capabilities,” said Maninder Gulati, Chief Strategy Officer of OYO.
According to the press release, OYO is currently partnering with select resorts that offer amenities including spacious and aesthetically designed rooms, private villas and beaches, gourmet dining, spa and other recreational provisions.
“We are starting with a beautiful property in Pondicherry, Palette Resorts - Le Pondy. Based on our learnings on ground and feedback from our asset owners and guests, we will look to expand the footprints of Palette Resorts by OYO to other picturesque tourist destinations in India and other international markets,” added Maninder.
This year, OYO has made three acquisitions. In March, it had acquired Chennai-based service apartment Novascotia Boutique Homes. In July, it acquired AblePlus, the Mumbai-based Internet of Things (IoT) startup and, in August, it acquired wedding banquet management company Weddingz.
OYO is backed by leading investors, including the SoftBank Group, Greenoak Capital, Sequoia India, Lightspeed India, Hero Enterprise and China Lodging Group.
Last year, OYO raised a total of $10 million in the funding round from Huazhu Hotels Group.
OYO Hotels currently operates in more than 160 cities across India, China, Malaysia and Nepal. With more than 5,500 exclusive hotels in its chain, OYO network includes major metros, regional business hubs, top leisure destinations as well as pilgrimage towns.
India currently has over 4,000 unbranded independent resorts and branded assets – across heritage, beach properties, and inland, with over 65 percent of these concentrated in primary leisure travel locations like Kerala, Goa, Karnataka, Rajasthan and Uttarakhand.