Gurugram headquartered hospitality and Hotels Chain OYO Hotels and Homes has recently made a big bang entry and foray into newer market the United States of America. The unicorn startup had started its commercial and retail operations with over 50 OYO hotels in 35 cities across 10 states. This includes Dallas, Houston, Augusta, Atlanta and Miami.
Hospitality firm OYO has announced plans to invest $300 million (around Rs 2,087 crore) over the next few years across cities in the United States.
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OYO is making claims that it has set up a base with over 350 employees working across 15 states to support OYO’s growth in the United States. It also claimed to have created 1000 jobs in the country. For further growth of its services, the company has committed to invest $300 Mn over the next couple of years.
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This new investment will be used to develop a stronger presence in the region, acquiring new talent, building core competency and developing latest state of art infrastructure facilities. The plan for the growth continues to partner, manage and open the doors to on an average one hotel building per day.
Currently, the Indian startup has officially launched its two brands — OYO hotels and OYO Townhouse. These brands will be soon expanded to cities such as New York, Los Angeles and San Francisco.
Over the previous six years of its inception, OYO has moved from a hotel aggregator to a franchisee model. The company has expanded its services to more than 800 cities in 74 countries, including the United States, Europe, United Kingdom, India, Malaysia, Middle East, Indonesia, Philippines, and Japan.
OYO enters The United States Market
Ritesh Agarwal, founder and CEO of OYO said, “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.”
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The company has also acquired multiple and mega brand portfolios in last couple of years such as @Leisure Group and Innov8 co-working to expand its branded offerings. The product portfolio of OYO includes OYO Homes, OYO Living, OYO Rooms, SilverKey and Pallete etc.
OYO had earlier announced its massive plans to aggressively pursue its vision to become the world’s largest hotel chain by 2023 and becoming the dominant hospitality player in India and South Asia as well. It committed a surplus fund of $200 Mn (INR 1,400 Cr) towards growing and diversifying its business in India and South Asia.