OYO becomes world’s third-largest hotel chain
OYO Hotels & Homes has announced that the company has now emerged as the world’s third-largest chain of hotels, homes, managed living and workspace (by room count) as of June 2019, and fastest-growing chain of hotels, homes and spaces.
In the space of just six years, OYO has expanded its presence to more than 800 cities, with nearly 23,000 OYO-branded hotels and 850,000 rooms, surpassing the scale of traditional and established hotel chain brands in the world.
This fast-paced growth is backed by a strong balance sheet of about $1.5 billion, and fuelled by the company’s success in China with presence in 337 cities and more than 500,000 rooms, followed by fast-paced growth in Indonesia with presence in 80 cities and over 20,000 rooms and 720 hotels and other regions in Asia.
The firm’s growth has also been driven by expansion in the UK – with presence in 25 destinations and 85 hotels – and more recently the US, with a presence in 40 cities and more than 68 hotels.
A significant part of its funds is being invested in the business as the company focuses on maintaining its growth momentum across geographies. The company has created over 300,000 direct and indirect job opportunities across India, China, US and the U.K. The recent acquisition of @Leisure has further helped the company strengthen its leadership in the vacation home segment in Europe.
Ritesh Agarwal, founder & CEO (Group), OYO Hotels & Homes, said: “I am humbled to see the love and support of our customers and real estate owners that have helped us in emerging as the third-largest hotel chain* [based on] number of rooms. Today, OYO has over 850,000 exclusive keys as part of its hotel chain.
“We started with a simple mission of creating quality living spaces. Over 500,000 heads rest on OYO hotel pillows daily today, a testament to the impact we are creating globally.
“In the last six years, we have enabled job opportunities for over 300,000 young people across India, China, US, and the UK, and will continue to support the growth of the Hospitality, Travel and Tourism industry around the world.
“I am happy to see that real estate owners continue to see value in working with OYO Hotels while witnessing an increase of approximately 30 per cent in occupancy, a 2.5x jump in RevPar and profits. This is a strong validation of the impact we have on their business, both at customer experience and revenue levels.
“Today, we are a small percentage of the world’s accommodation market, and we have an incredible opportunity ahead of us. We are just getting started.”