Oyo To Invest $300 Million In U.S. Over Next Few Years
Oyo, present in more than 35 cities in the U.S., seeks to expand to major markets of New York, Los Angeles and San Francisco.
Hospitality firm Oyo Hotels & Homes plans to invest $300 million over the next few years in the U.S. for growth, talent acquisition and infrastructure development, parent Oravel Stays Pvt. Ltd. said on Thursday.
Oyo, at present, manages over 50 hotels in more than 35 cities in the U.S.—including Dallas, Houston, Augusta, Atlanta and Miami—and is looking to soon expand presence to cities like New York, Los Angeles and San Francisco. On an average, it plans to add one hotel building per day. This growth will be driven by two brands—Oyo Hotels and Oyo Townhouse.
“We are already 50-plus Oyo Hotels across 35 cities and 10 states, and to celebrate our growth, we plan to invest $300 million over the next few years,” said Abhinav Sinha, global chief operating officer of Oyo Hotels & Homes.
“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,” said Ritesh Agarwal, founder and chief executive officer of Oyo Hotels & Homes.
Started in 2013, Oyo Hotels & Homes has more than 23,000 hotels and 46,000 vacation homes in its portfolio.