OYO to Expand Globally; to Add 1 Mn Rooms Added in 1-1/2 Years – CORPORATE ETHOS

OYO to Expand Globally; to Add 1 Mn Rooms Added in 1-1/2 Years

By: | January 16, 2019

Jan 16: OYO Hotels and Rooms is developing a roadmap towards touching the 1-million room inventory, from the existing count of 4.6 lakh.

The company, according to a report in this regard, will have 1 million rooms added in one and a half years. With this, OYO is looking to be the leading company in the global hospitality sector. The company is at third spot currently.

OYO promoter Ritesh Agarwal, said the report, has disclosed that 2.5 million rooms by 2023 are the target set by the company. As of now, OYO has 13,000 franchised and leased hotels, and over 450,000 rooms. The company is also adding 64,000 rooms every month in the global market.

OYO has over 8,700 leased and franchised hotels, and more than 164,000 rooms in India. By the franchise or lease operation model, the company has moved from the aggregator model to own inventories.

Though OYO has an inventory of about 1.8 lakh rooms in China, the revenue of the company in the Chinese market is very low. Currently, OYO has presence in seven countries in the world. This is further being planned to expand to 15 countries. The expansion will concentrate more on Asian countries, the report added.

OYO is also set to announce a growth plan which concentrates on Japan and Asia in the coming seven weeks. With this, the company aims to become the world’s largest hospitality company by the 2020 Summer Olympics. In order to facilitate direct data sharing of customers’ arrivals and departures with various state governments, the company is set to introduce a digital record system.