OYO Hotels & Homes, the young hotel startup, which also happens to be one of the world’s fastest-growing hospitality companies, celebrates its growth in the U.S. by announcing plans to invest $300 million over the next few years.
The new-age hospitality company currently offers great living spaces throughout its 50+ OYO Hotels in 35 cities and 10 states, led by a strong team of more than 350 OYOpreneurs across 15 States. The company’s ability to win customers by introducing its popular concept of ‘comfort design’, and deliver value chic hospitality experiences at hard to ignore prices, makes it possible for OYO to continue to grow at a scorching pace. By combining the best of both worlds - traditional high-quality and consistency, along with the design focus of a new-age brand - OYO plans to partner, manage and open the doors to on an average one hotel building per day. The company has already generated over 1000 jobs. This growth will be driven by two brands - OYO Hotels & OYO Townhouse - that operate on the philosophy that everyone, every day should experience #LivingTheGoodLife.
The world’s sixth-largest chain of hotels, homes, and living spaces in the world, OYO Hotels & Homes currently offers its unique service at popular cities across the United States, including Dallas, Houston, Augusta, Atlanta and Miami, and promises to soon expand its presence to cities like New York, Los Angeles and San Francisco.
“We, at OYO, are thrilled to see our business grow in the U.S., our newest home market. We promise to bring new age hospitality experience at a price point you never imagined; select service hotels are finally going to be fun and beautiful,” said Abhinav Sinha, COO, OYO Hotels & Homes, Global. “We are in the largest country in the world when it comes to the hospitality industry and there is a definite need here for chic and comfortable hospitality experiences at prices never thought of before. It’s going to be all about #LivingTheGoodLife at an OYO near you, and we are excited to continue delivering sincerely against our mission,” he added.
Known as one of the most impactful hospitality companies in recent times, OYO is integrating its cutting-edge technology to improve services and enrich travelers’ and city dwellers’ experiences.
OYO Hotels continues to bring its successful model of combining design, hospitality, and technological expertise, financial acumen and operational capabilities to real estate owners in the U.S., giving them the ability to get a higher return on investments, access easy financing opportunities, transform their hotels, and offer good quality customer service, thereby significantly increasing occupancy and profitability – in every OYO building. The additional investment will be directed towards the company’s growth in the region, talent acquisition, competency building, and infrastructure development.
“We started on the belief that everyone deserves a beautifully designed, chic and comfortable living space. And everyone deserves a better life. We knew we could change the way people live. We did that by upgrading bland, generic spaces and places and designing them with next-gen chic and design moxie and offering them at hard-to-ignore prices, in Europe and the U.S. That said, given that there was so much movement from traditional hotels to well-designed accommodations, we knew that our guests would appreciate #LivingTheGoodLife, no matter what the price point is. For them, it is never only about the price point, it is the entire package.” said Ritesh Agarwal, Founder & CEO of OYO. “As a full-scale hotel chain, we strive to bring real value to both real estate owners and guests – and we’re convinced there is unlimited potential for rapid growth in our newest home market, the United States,” he added.
Agarwal, now 25, founded the company when he was only 19 years old. He has been lauded with several honors since starting his company, including the Forbes 30 under 30 in Consumer Tech, Fortune 40 under 40, and the Businessworld Young Entrepreneur Award, and is the first resident Asian to be accepted to the Thiel Fellowship.
Known worldwide for its value chic hospitality model, OYO Hotels has attracted some of the world’s leading investors, including Airbnb, SoftBank Vision Fund, Greenoak Capital, Sequoia Capital, and Hero Enterprise.