OYO enters four-star hotels segment in India
The SoftBank-backed company has partnered with Mountania Developers that has acquired a 64-suites building in Ahmedabad. OYO will redesign the building into a premium upmarket hotel, which will be operated under the OYO brand.
OYO Hotels & Homes, world’s third-largest and fastest-growing chain of hotels, homes and living, on Thursday announced that it has partnered with Mountania Developers, a partner company, that has acquired a 64-suites building near Ellis Bridge in Ahmedabad.
The SoftBank-backed company will redesign the building into a premium upmarket hotel, which will be operated under OYO brand to primarily cater to business travellers seeking a high-quality hospitality experience.
With this, the Ritesh Agarwal-led Indian hospitality unicorn is entering the four-star hotels segment in India.
According to media reports, the acquisition cost is said to be between Rs 35-40 crore.
Commenting on the announcement, Aditya Ghosh, CEO, India & SA, OYO Hotels & Homes, said,
“I am really excited to announce the opening of our 64 suites up-scale hotel in Ahmedabad. This segment holds a lot of promise for us given the rapid growth of the hospitality industry over the last few years. The global upscale and luxury hotel market is predicted to witness tremendous growth and at OYO, we want to leverage this opportunity to enable our guests to experience #Livingthegoodlife, even while travelling for business.”
Ritesh Agarwal, Founder and CEO, OYO
“The building will undergo an exciting transformation to be completed later this year, post which we will formally open the doors to this hotel under a new brand name,” added Aditya.
With its new upmarket brand, OYO aims to offer customers a new, young and vibrant ambience to relax and rejuvenate while keeping true to its core promise of providing quality and comfortable stays.
Situated in the vicinity of the airport and railway station, the building features designed wooden floored rooms with amenities including modern furniture, air conditioning, satellite TV, mini bar, telephone, wardrobe, and free Wi-Fi access.
For business travellers, the hotel aims to offer corporate-friendly facilities like lavish breakfast spread, complimentary airport pickup, mini fridge and tea coffee maker, and valet parking among others. The suites are categorised as Deluxe, Classic, and Presidential Suites.
To cater to the meetings and banquet needs of the guests, there are five Banquet Halls and Boardroom within the premises and will be operated under OYO owned Weddingz.in brand.
The building will also sport a wellness centre that includes spa and gym facilities to help guests enjoy some downtime.
“Thrilled to announce that we have partnered with Mountania Developers, a partner company that has acquired a 64-suites building near Ellis Bridge in Ahmedabad, which will be operated under the OYO brand by redesigning it into a premium upmarket hotel. We continue to explore more such opportunities to create unique experiences for our guests from around the world,” added Rohit Kapoor, CEO, New Real Estate Businesses, OYO Hotels & Homes.
OYO will work with Gurugram-based hospitality company Mountania Developers, that will help acquire the assets, while OYO leverages its core expertise in property on-boarding, renovation, and redesigning.
Founded in 2013, OYO Hotels & Homes’ portfolio combines fully operated real estate comprising of more than 23,000 hotels and 125,000 vacation homes in more than 800 cities in 80 countries, including the US, Europe, UK, India, China, Malaysia, Middle East, Indonesia, Philippines, and Japan.
(Edited by Megha Reddy)
