Dallas, Texas, United States – News Direct – OYO
Global travel technology company OYO plans to add over 100 hotels in the US in 2023. This is almost double the number of hotels the company will add to its portfolio in 2022. This expansion strategy is focused on adding more hotels in the states of Oregon, Washington, Texas, Oklahoma, Georgia and Florida. Texas continues to be the largest and fastest growing market for OYO in the US, while there is also a significant concentration of hotels in Oregon, South and North Carolina, Florida and Georgia.
In 2022, the Company saw a ~23% increase in new hotels in its portfolio in the US compared to 2021. The Company also recently launched some prestigious hotels such as the Plaza on the Pike by OYO in Atlantic City and the OYO Hotel Renton Bellevue in Seattle, Tulsa Square Hotel by OYO in Tulsa, and OYO Hotel Hermiston in downtown Oregon
Speaking of expansion plans, Gautam Swaroop, CEO of OYO International said: “OOur US businesses have grown significantly in 2022. But 2023 could just be the best year for us. We are taking action to add hotels in high RevPar leisure markets such as the Pacific Northwest and will also focus on improving our footprint along the East Coast. Over 15 hotels have already signed up for 2023 and we expect to see many more join us in the coming months.”
Nikhil Heda, Head of Business Development, OYO USA added: “We are thrilled with the response we are seeing in the market. Last year, 35% of our new hotels came back from referrals or referrals from our existing hotel owners, indicating a growing confidence in OYO’s demand and revenue generation capabilities. We see growing demand from both independent hotels and branded hotels.”
Commenting on your experience of working with OYO, Hiren Govind, owner of OYO Hotel McAllen Airport South said: “We onboarded our first hotel with OYO in 2019 and over the past few years our revenue has grown 2.5x which has resulted in increased profits. In addition to increasing revenue, the OYO team has also been a tremendous help in ensuring smooth operations. I look forward to adding a few more properties with OYO and thereby achieving similar growth and revenues.”
OYO offers hotels access to a large base of repeat customers through its app and website, and also lists hotels in several online travel agencies (OTAs) to increase booking demand and sales. OYO’s industry-leading, artificial intelligence-based pricing software automatically ensures the best booking prices across all channels based on room type, seasonality and other factors, enabling such an increase in online revenue. OYO has started to offer hotels the flexibility of not having to invest heavily in hotel renovations to meet strict branding guidelines, something other budget hotel chains insist on. Instead, it focuses on standardizing service-oriented components like customer care and booking experience.
The company helps provide customers with a great experience, with easy search and quick booking experience, highly competitive room rates, automated tools like artificial intelligence chatbots to quickly resolve customer queries, loyalty programs, and easy refund if needed.
OYO’s US business recently announced that it has outperformed the budget hotel segment’s growth in revenue per available room (RevPar) with an 18% increase in 2022 compared to the year before the 2019 Covid-19 crisis. The budget hotel segment, meanwhile, grew just 6% in the US.
Disclaimer: Oravel Stays Limited, subject to applicable legal and regulatory requirements, receipt of necessary approvals, market conditions and other considerations, is proposing to make an initial public offering of its shares (the “Shares”) and has filed the Red Herring Draft Prospectus (“ DRHP”) with the Securities and Exchange Board of India (“SEBI”).
The DRHP is available on SEBI’s website at www.sebi.gov.in, the websites of the stock exchanges ie BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com respectively. and is available on the websites of the Global Coordinators and Book Running Lead Managers i.e. Kotak Mahindra Capital Company Limited, JP Morgan India Private Limited and Citigroup Global Markets India Private Limited at www.investmentbank.kotak.com, www.jpmipl.com and www .online.citibank.co.in/rhtm/citigroupglobalscreen1.htm; the websites of the Book Running Lead Managers, ie ICICI Securities Limited, Nomura Financial Advisory and Securities (India) Private Limited, JM Financial Limited and Deutsche Equities India Private Limited at www.icicisecurities.com, www.nomuraholdings.com/company/group/ asia/india/index.html, www.jmfl.com or www.db.com/India. Investors should note that investing in equities involves a high degree of risk and details of this can be found in the Red Herring prospectus which may be filed with the Registrar of Companies in the future, including the section headed “Risk Factors”. Prospective investors should not rely on the DRHP filed with SEBI when making investment decisions. The Shares being offered in the Reissue (as defined in the DRHP) and Offer for Sale (as defined in the DRHP) have not been and will not be authorized under the US Securities Act of 1933, as amended (the “Securities Act”) and may be traded within the United States not offered or sold except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the Shares will only be offered and sold (i) within the United States only to “qualified institutional purchasers” (as defined in Rule 144A of the Securities Act) in transactions that are exempt from or not subject to the registration requirements of the Securities Act and ( ii) outside the United States in offshore transactions in reliance on Regulation S of the Securities Act and in accordance with the applicable laws of the jurisdictions in which such offers and sales are made. There will be no public offering of the shares in the United States.
contact details
Anupriya
+91 97911 63065
anupriya.d@oyorooms.com
corporate website
https://www.oyorooms.com/
View the source version on newsdirect.com: https://newsdirect.com/news/oyo-usa-to-add-over-100-new-hotels-to-its-portfolio-in-2023-107823028
