OYO enters Mexico as part of expansion plans in Latin American markets
Hospitality firm OYO has entered Mexico as part of its expansion plans in Latin American markets, sources aware of the development said on Friday.
Earlier in August, the company had said it was expanding footprints in the US, and had partnered with hospitality investment and management company Highgate to open first key flagship property -- OYO Hotel & Casino in Las Vegas, US.
"The company has launched operations in Mexico with over 10 hotels," one of the sources told PTI.
The move is to strengthen the company's presence in the Latin American markets, the sources added.
However, when asked about the development, OYO Hotels and Homes Chief Operating Officer Abhinav Sinha said,
"Mexico, being an emerging tourist destination, is surely on the cards. We, however, can't confirm this at the moment."
OYO continues to look for opportunities to expand its international presence, he added.
"We are currently evaluating several markets across the Middle East, South East Asia, Europe, and the US," Sinha said.
OYO's current portfolio combines fully-operated real estate comprising of more than 23,000 hotels and 125,000 vacation homes.
Also, the Gurugram-based unicorn is all set enter the world of coffees and bagels with its new cafe chain, The French Press. The firm is already set to open cafes in Bengaluru and Delhi, sources confirmed.
One of The French Press Cafe's is already open in Delhi at a Townhouse property, and is also listed on Zomato. The food is priced between Rs 150 and Rs 250.
Earlier this month, the company announced it had acquired Copenhagen-based data science company Danamica to expand its ability to use pricing as a key differentiator for real estate owners and customers.
With the acquisition of Danamica, OYO will be able to drive top-line growth by leveraging dynamic pricing across all its brands - OYO Home, Belvilla, and DanCenter. All of them are already at the forefront of vacation rental pricing in Europe, it added.
(Disclaimer: Additional background information has been added to this PTI copy for context)