OYO USA is adding over 100 new hotels to its portfolio in 2023
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.
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