OYO Hotels & Homes Reaches U.S. Milestone with More Than 100 Hotels in 21 States and 60 Cities
The company continues rapid growth, adding one building per day to its portfolio
LAS VEGAS, Sept. 17, 2019 /PRNewswire/ -- OYO Hotels & Homes, the world's third-largest and fastest-growing hotel chain, is excited to announce hitting the milestone of more than 100 hotels in the United States. This is a major landmark for the young hotel startup and a testament to how the company is continuing to maintain its growth momentum. Since formally announcing its presence in the U.S. market in June, it has established itself in more than 60 cities, almost quadrupling its previous portfolio in a short span. The company's recent foray into Las Vegas, through the partnership with Highgate, to open the doors to its first 657 room flagship - OYO Hotel & Casino, has been a key milestone in its growth journey.
OYO Hotels & Homes committed $300 million as an initial investment in the U.S. – fueling its rapid growth across the country. Currently, the new-age hospitality company is successfully opening one or more buildings per day, creating more than 4,000 jobs. With 112 OYO hotels open in July in more than 21 states and 60 cities, including Dallas, Houston, Los Angeles, Seattle, Atlanta and Miami, OYO Founder and CEO Ritesh Agarwal says OYO will continue to drive growth across the U.S. while delivering quality customer service.
"We are excited with our rapid growth and early success in the U.S., our newest home-market," said Agarwal. "The U.S. is a key home-market for us given the huge potential. While we continue to transform buildings across the country, we want to stay true to our philosophy that everyone, every day should be #LivingTheGoodLife. We do this by offering good quality 'value-chic' accommodations, with great ratings at unique price points."
OYO Hotels continues to bring its successful model of combining design, hospitality, and technological expertise, financial acumen and operational capabilities to real estate owners around the world, 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. There are over 20,000 of these buildings worldwide. The company partners with building owners and helps enhance their overall look and feel, resulting in improved service quality, performance, returns, and improved customer experience.
OYO, as the world's third-largest hotel chain, is using technology, business expertise and talent to create beautifully designed, chic and comfortable living spaces. The company has attracted some of the world's leading investors, including Airbnb, SoftBank Vision Fund, Greenoak Capital, Sequoia Capital, and Hero Enterprise. When 19-year-old Ritesh Agarwal founded OYO, he couldn't have imagined it would be the world's fastest-growing hotel chain only six years later. That success in the U.S. and across the world led Agarwal to sign a $2 billion primary and secondary management investment round, allowing him to increase his stake in the business.
About OYO Hotels & Homes
Opening its doors in 2013, OYO Hotels & Homes is the world's third-largest chain of hotels, homes, managed living and workspaces. The portfolio combines fully operated real estate comprising of more than 23,000 hotels and 125,000 vacation homes. Additionally, OYO along with Vacation Homes categories managed by the company under OYO Homes, Belvilla, Danland, Dancenter along with Germany-based Traum-Ferienwohnungen brands can be found in more than 800 cities in 80 countries, including the U.S., Europe, U.K., India, Malaysia, Middle East, Indonesia, Philippines, and Japan. For more information, log onto https://www.oyorooms.com/
SOURCE OYO Hotels & Homes
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