OYO UK FY revenues jump 15%

Global travel technology company OYO has revealed its UK operations reported a 15% increase in revenue in 2024 compared with 2023. 

The company said its Average Daily Rate (ADR) rose by 2% beating the broader market, as reported by STR, of a decline of 2.8%. OYO’s per room revenue (RevPAR) also increased by 4% compared with the market’s 4.5% decline.

It said the Summer Bank Holiday Weekend (August 24-26) was the most booked long weekend of the year, with 24 August being the single highest booking day. July ranked as the most booked month overall.

Gautam Swaroop, CEO – OYO International, said: “Our continued growth in 2024 demonstrates the strength of our business model and the effectiveness of our approach. By focusing on dynamic pricing and leveraging our AI capabilities, we’ve not only bucked industry trends but accelerated our growth in the UK market.”

Puneet Yadav, country head – OYO UK, added: “Our AI-powered pricing engine continues to drive optimal revenue for our hotel partners, while our automated solutions are helping address key industry challenges like rising operational costs and staff shortages. 

“The self-check-in technology we’ve implemented has been particularly valuable in enhancing guest experience while reducing operational burdens for hotel owners. With OYO’s global distribution, we unlock new revenue opportunities for hotels and showcase them to a global customer base.”

OYO has over 200 hotels mostly in the budget segment spread across 65 cities in the UK including London, Manchester, Birmingham, Cardiff and Brighton. 

OYO also recently announced its plans to open over 40 premium self-operated hotels through leasehold contracts in this financial year. It has already onboarded 18 hotels under this model and plans to add 22 more across key cities including London, Birmingham, Manchester, Liverpool, Glasgow, Bristol, Cardiff, and Edinburgh.