OYO Hotels & Homes has announced that it has emerged as the worldâ€™s third largest hotel chain as per room count as of June 2019. In six years since inception, OYO has expanded its presence to 800+cities, nearly 23,000+ OYO-branded hotels and 850,000 rooms, it said in a statement to the press.
OYO says that 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 also claims to have created over 300,000 direct and indirect job opportunities across India, China, US, and the UK.
â€śWe 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, U.S., and the U.K. 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% 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 worldâ€™s accommodation market, and we have an incredible opportunity ahead of us. We are just getting started,â€ť Ritesh Agarwal, Founder & CEO (Group), OYO Hotels & Homes, said in a statement.
According to it, its growth was mainly fuelled by the success it tasted in Southeast Asia, especially China with a presence in 337 cities and over 500,000 rooms. Indonesia too, saw a rapid growth with presence in 80 cities and over 20,000 rooms and 720 hotels and other regions in Asia.
OYO has committed to diverting 40% of the funds towards China, of which $100 million will be toward customer experience, quality, and system improvements, and the balance to fuel further growth, talent development, competency building, and infrastructure development in the country.