OYO opens first flagship property in Las Vegas in partnership with Highgate
OYO has emerged as the world’s third-largest hotel chain with respect to room count as of June 2019, thanks to its operations in China, Indonesia, the UK, and the US.
Hospitality firm OYO on Friday said it has partnered with hospitality investment and management company Highgate to open first key flagship property OYO Hotel & Casino in Las Vegas, US.
The property will undergo a transformation, which is to be completed by this year.
Highgate will assume the management of the hotel and Paragon Gaming will continue to operate the casino, the company said in a statement.
"With our newest hotel at Las Vegas, we are excited to cater to a completely different audience segment and are certain that this will be the perfect start to OYO's journey in Las Vegas," said Founder and CEO Ritesh Agarwal.
Earlier in June, OYO had announced plans to invest $300 million in the US, he added.
"OYO Hotel & Casino offers a tremendous opportunity for Highgate to partner with a visionary company like OYO in one of the world's most dynamic hospitality markets," Neil Luthra, a principal of Highgate said.
The company earlier announced that it has now emerged as the world’s third-largest hotel chain with respect to the room count as of June 2019. It has expanded its presence to over 800 cities with more than 23,000 OYO branded hotels and 85,000 rooms and credited the growth to its operations in China, Indonesia, the UK and US.
At the time, Ritesh had commented that OYO has enabled job opportunities for over 300,000 young people across these four countries in the last six years.
The hospitality startup secured a number of deals including a year-long strategic partnership with China's ecommerce platform Meituan. It's hotel brand in China, OYO Jiudian, will be listing 8,000 of its accommodations on the Meituan Hotels platform, the company said.
Currently present in six cities of Vietnam, the company stated its plans to expand to 10 cities by the end of 2020, OYO stated in June.
(Disclaimer: Additional background information has been added to this PTI copy for context)
(Edited by Saheli Sen Gupta)