OYO to invest USD 300 mn in US over next few years

NEW DELHI, June 20: Hospitality firm OYO Thursday said it plans to invest USD 300 million (approximately Rs 2,085 crore) over the next few years in the US for growth, talent acquisition, competency building and infrastructure development.

The company currently manages over 50 hotels in more than 35 cities in the US including Dallas, Houston, Augusta, Atlanta and Miami; and is looking to soon expand presence to cities like New York, Los Angeles and San Francisco, OYO Hotels and Homes said in a statement.

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, it added.

“We are already 50 plus OYO Hotels across 35 cities and 10 States and to celebrate our growth, we plan to invest USD 300 million over the next few years,” OYO Hotels and Homes Global COO Abhinav Sinha said.

OYO is thrilled to see its business grow in the US – company’s newest home market, he added.

The company is integrating its cutting-edge technology to improve services and enrich travellers’ and city dwellers’ experiences, the statement said.

“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,” OYO Founder and CEO Ritesh Agarwal said.

Started in 2013, OYO Hotels and Homes has more than 23,000 hotels and 46,000 vacation homes in its portfolio. (PTI)