OYO to invest $300 mn in US, promises to bring hospitality experience at price point never imagined
One of the world's fastest growing hospitality companies, OYO Hotels & Homes, has announced an investment of $300 million in the United States over the next few years.
One of the world's fastest growing hospitality companies, OYO Hotels & Homes, has announced an investment of $300 million in the United States over the next few years. As of now, the new-age hospitality company offers living spaces throughout its 50+ OYO Hotels in 35 cities and 10 states, led by a strong team of more than 350 OYOpreneurs across 15 States. The service is available at popular cities across the United States, including Dallas, Houston, Augusta, Atlanta and Miami, and promises to soon expand its presence to cities like New York, Los Angeles and San Francisco.
The company has also promised o provide hospitality experience at price point never imagined. "We, at OYO, are thrilled to see our business grow in the U.S., our newest home market. We promise to bring new age hospitality experience at a price point you never imagined; select service hotels are finally going to be fun and beautiful," said Abhinav Sinha, COO, OYO Hotels & Homes, Global.
"We are in the largest country in the world when it comes to the hospitality industry and there is a definite need here for chic and comfortable hospitality experiences at prices never thought of before. We are already 50+ OYO Hotels across 35 cities and 10 States and to celebrate our growth, we plan to invest $300 million over the next few years. It’s going to be all about #LivingTheGoodLife at an OYO near you, and we are excited to continue delivering sincerely against our mission," he added.
The company claims to have generated over 1000 jobs. OYO plans to partner, manage and open the doors to on an average one hotel building per day. This growth will be driven by two brands - OYO Hotels & OYO Townhouse - that operate on the philosophy that everyone, every day should experience #LivingTheGoodLife.
The additional investment will be directed towards the company’s growth in the region, talent acquisition, competency building, and infrastructure development.
"We started on the belief that everyone deserves a beautifully designed, chic and comfortable living space. And everyone deserves a better life. We knew we could change the way people live. We did that by upgrading bland, generic spaces and places and designing them with next-gen chic and design moxie and offering them at hard-to-ignore prices, in Europe and the U.S. That said, given that there was so much movement from traditional hotels to well-designed accommodations, we knew that our guests would appreciate #LivingTheGoodLife, no matter what the price point is. For them, it is never only about the price point, it is the entire package.” said Ritesh Agarwal, Founder & CEO of OYO.
OYO was started by Agarwal when he was just 19-year-old. Since then, OYO Hotels has attracted some of the world’s leading investors, including Airbnb, SoftBank Vision Fund, Greenoak Capital, Sequoia Capital, and Hero Enterprise. "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," he added.
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