OYO to invest $300M in US over the next few years for growth
Hospitality firm OYO on Thursday said it plans to invest $300 million (approximately Rs 2,085 crore) over the next few years in the US for growth, talent acquisition, competency building, and infrastructure development.
The company currently manages over 50 hotels in more than 35 cities in the US including Dallas, Houston, Augusta, Atlanta, and Miami; and is looking to soon expand its presence to cities like New York, Los Angeles, and San Francisco, OYO Hotels and Homes said in a statement.
On an average, it plans to add one hotel building per day. This growth will be driven by two brands - OYO Hotels and OYO Townhouse, it added.
"We are already 50 plus OYO Hotels across 35 cities and 10 states and to celebrate our growth, we plan to invest $300 million over the next few years," OYO Hotels and Homes Global COO Abhinav Sinha said.
Ritesh Agarwal OYO
OYO is thrilled to see its business grow in the US - company's newest home market, he added.
The company is integrating its cutting-edge technology to improve services and enrich the experience of travellers and city dwellers, the statement said.
"As a full-scale hotel chain, we strive to bring real value to both real estate owners and guests, and we're convinced there is unlimited potential for rapid growth in our newest home market, the United States," OYO Founder and CEO Ritesh Agarwal said.
Started in 2013, OYO Hotels and Homes has more than 23,000 hotels and 46,000 vacation homes in its portfolio. It is among some of the key names on the shortlist for the UK-India Awards this year.
The awards, which will mark the closing of UK-India Week between June 24 and 28, are being judged by an all-women jury for the first time, and covers a wide range of sectors including business, tech, trade, and social impact.
Last month, the company also launched a 'Cash-in-Bank' facility for its asset owner-partners across India under the company's ongoing OYO Partner Engagement Network (OPEN) initiative. With the 'Cash in Bank' (CiB) facility, asset owners across the country can benefit from quick, collateral-free business advances to upgrade or renovate their buildings, OYO said in a statement.