OYO Hotels fast strides to 500 Indian cities, buys 4-star Jaipur property of ITC Group
New Delhi, Sep 13 (IANS): In a major expansion drive, homegrown hotel room and living space aggregator Oyo Hotels and Homes has increased its presence in India to over 500 cities covering metros and several tier 2, 3 and 4 cities.
The continued emphasis on growing its presence in India is in line with the company's objectives of going deeper into existing markets and metros, while also forming a stronger national network through a presence in the smaller towns, cities and popular tourist destinations in India, a company statement said.
"At OYO, we are focused on strengthening our presence in India and South Asia while also enabling economic opportunities at every level and across not just the metros but also tier 2, 3, 4 cities."
"We are less than 5 per cent of the total unbranded hotel and guesthouse market in India and there is massive headroom for growth now and in the future," said Aditya Ghosh, CEO, India and South Asia, OYO Hotels & Homes.
As a result of its rapid expansion, the company claims it has created over 9,000 direct and 100,000 indirect job opportunities and aims to double this number by 2020. The company currently employs over 10,000 people in India.
Reports said that OYO has purchased the four-star Fortune Select Metropolitan Jaipur hotel, managed by ITC Hotels, from UAE-based Emaar Properties for INR 35-40 crore.
The Gurgram-based startup has also acquired a 64-suite building in Ahmedabad to develop a premium hotel.
OYO is reportedly in advanced talks with about 10 premium properties owners to enter the five-star and seven-star hotel space as well.
Opening its doors in 2013, OYO's real estate comprises more than 23,000 hotels and 125,000 vacation homes.
Along with Vacation Homes categories managed under the OYO Homes, Belvilla, DanCenter, Danland and Traum-Ferienwohnungen brands, the company is present in more than 800 cities in 80 countries, including the US, Europe, UK, India, Malaysia, Middle East, Indonesia, Philippines and Japan.