Oyo Hotels and Homes’ purchase of a 64-suite building in Ahmedabad mark its entry into the four-star hotels segment in India. Oyo has tied up with hospitality firm Mountania Developers to transform the Fortune Select Metropolitan Jaipur into a premium hotel by the end of this year.
“This (premium) segment holds a lot of promise for us given the rapid growth of the hospitality industry over the last few years. The global upscale and luxury hotel market is predicted to witness tremendous growth and, at Oyo, we want to leverage this opportunity to enable our guests to experience living the good life, even while travelling for business. We believe that our deep understanding of Indian consumers and trends, coupled with our operational and technological capabilities, will be a game-changer for us in the upscale segment," Aditya Ghosh, chief executive, India and South Asia, Oyo Hotels and Homes, told Livemint.
Oyo has plans to launch into the five-star and seven-star hotels categories.
Oyo has been on a purchasing spree. Last month, the company bought the Hooters Casino Hotel in Las Vegas. In May, Oyo struck a deal to buy Amsterdam-based @Leisure Group from Axel Springer. @Leisure is a vacation rental company based in Europe.
Oyo has raised in the neighbourhood of USD 1.7 billion in funding at a valuation of USD 5 billion.
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