India’s homegrown hospitality firm OYO has announced plans to invest $300 million (~ ₹ 2,087 crore) over the next few years to grow its presence across cities in the United States. The investment made will be utlized for expanding OYO footprint in the US for growth, talent acquisition, competency building and infrastructure development.
Currently managing over 50 hotels in more than 35 cities in the US including Dallas, Houston, Augusta, Atlanta and Miami, OYO will soon launch in major US cities like New York, Los Angeles and San Francisco. This growth will be driven by two of OYO’s flagship brands — OYO Hotels and OYO Townhouse.
OYO Founder & CEO, Ritesh Agarwal said in a statement, “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.”
Last month, OYO entered Europe and even managed to acquire @Leisure Group, one of the leading vacation rental companies in the region, from its parent Axel Springer for about $415 million.
Recently, OYO Wizard, the loyalty rewards program of the company, has reached 1.5 million subscribers contributing to about 25% of total OYO bookings, claimed the company. According to the company, over 6,000 hotels under OYO’s 9000 hotels portfolio in India have already partnered with OYO Wizard program so far.
Launched in 2013, OYO Hotels & Homes claims to be the world’s sixth-largest chain of hotels, homes, managed living and workspaces. OYO founder Ritesh Agarwal is the first resident Asian to be accepted to the Thiel Fellowship, which was started by Paypal founder Peter Thiel.
Ritesh was featured in Forbes 30 under 30 in Consumer Tech (2016) for creating a global disruptor. OYO was recently chosen as India’s Most Promising Hotel Network (HolidayIQ Better Holiday Awards 2017) and has received several accolades including Express IT Startup of the Year Award (2015), NDTV Dream Chaser of the Year (2016) and IAMAI Digital Startup of the Year (2016).