Oyo To Invest $100 Million In China Over The Next Two Years
Hospitality startup Oyo Hotels and Homes on Tuesday said it now has 5 lakh hotel rooms in China, and that it plans to invest $100 million in that country over the next two years as part of an ongoing expansion drive.
Within a span of one-and-a-half years in China, Oyo has expanded its presence to over 337 cities and 5 lakh rooms, parent Oravel Stays Pvt. Ltd. said in a statement.
"The company has allocated approximately $100 million out of the $600 million earlier committed to being invested in China, towards quality and system improvements and customer service in the next two years," said Oyo China COO Sam Shih.
Oyo China also claimed that it has now become the single largest hotel brand in the country. "As we move into the next phase of growth at Oyo, our focus will continue to be on hiring and retaining top talent while at the same time optimising operational efficiency across all departments," Shih added.
Oyo China has also announced appointment of Zhu Lei as its chief revenue officer. He would be responsible for driving occupancy across Oyo hotels in the country. He would also oversee offline sales and online travel agent channel portfolios.
According to the company, with second-tier cities at its core, Oyo China extends deep into the country’s Tier-2 to Tier-6 cities and has created both direct and indirect employment opportunities across the country.