OYO announces entry into UAE; plans to create over 4000 jobs by end of 2019
Leading Indian hospitality chain OYO Hotels on Monday announced the launch of its operations in the United Arab Emirates.
The properties will be operated under models of manchise, and leased with full - inventory control similar to other markets like India and China.
These hotels are aimed at providing affordable and trusted living options for travellers from GCC countries, India and other international tourists, including business and leisure travellers.
According to the press release, with over 10 full-inventory - franchised and operated hotels and over 1100 rooms in three Emirates - Dubai, Sharjah and Fujairah, in the UAE, OYO Hotels is ready to offer the benefits of its full-stack technology-led hospitality model to hoteliers across the country, with room rates starting 150 dirhams.
“We’ve been at the forefront of the budget and mid-segment hotels revolution in the markets we operate in, and can bring in our operational expertise and technology to the benefit of independent hotel owners. We are really excited to bring quality living experiences at affordable prices to visitors of Dubai, while helping local hotel owners make best out of the opportunity ahead of them,” said Ritesh Agarwal , founder and CEO of OYO.
According to data from Dubai Corporation of Tourism & Commerce Marketing (Dubai Tourism), Dubai hotel room supply is set to reach 132,000 by the end of 2019. Dubai Tourism also forecasts that the hospitality sector will experience sharp, sustained growth over the coming years, with occupied room nights set to reach 35.5 million annually in 2019, representing a 10.2 percent compound annual growth rate over the next 24 months.
The United Arab Emirates is working on a target of opening over 75,070 rooms, across the country and other neighbouring countries, and preparing to welcome over 25 million visitors at World Expo 2020. OYO will be working towards transforming the hospitality industry in the region, by partnering in this vision.
"The country is an attractive market with sizeable internet and mobile presence, which complements our approach. We've received an overwhelming response to OYO Hotels offerings in the country since our soft launch and look forward to hosting more guests in the coming years," says Vartika Goel, country lead, OYO Hotels, UAE.
OYO commits to creating over 4000 direct and indirect jobs in the UAE by the end of 2019. It also plans to host guests in over 12,000 rooms, 150 Hotels and all 7 Emirates, across United Arab Emirates, by 2020.
Launched in May 2013, OYO chain of hotels is currently present in over 350 cities with over 12,000 asset partners spread across six countries including India, China, Malaysia, Nepal, the UK and now UAE in the Middle East.
This year, OYO has made three acquisitions and also announced its launch of Palette Resorts in the upscale hotel category. 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.
