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OYO Hotels and Homes, has announced that the company has emerged as the world’s third largest hotel chain (per room count), overtaking that of IHG.
Since its inception six years ago, OYO has expanded its presence to over 800 cities, nearly 23,000 OYO-branded hotels and 850,000 rooms.
The company added the fast-paced growth is backed by a strong balance sheet of about $1.5bn (£1.19bn), and fuelled by the company’s growth in China with presence in 337 cities and over 500,000 rooms, followed by fast-paced growth in Indonesia with presence in 80 cities and over 20,000 rooms and 720 hotels and other regions in Asia.
Additionally, in the UK it has a presence in 25 destinations and 85 hotels, and more recently the US, with a presence in 40 cities and over 68 hotels.
It said a “significant” part of its funds are being invested in the business as the company focuses on maintaining its growth momentum across geographies.
Ritesh Agarwal, founder and CEO, said: “I am humbled to see the love and support of our customers and real estate owners that have helped us in emerging as the third-largest hotel chain* basis the number of rooms. Today, OYO has over 850,000 exclusive keys as part of its hotel chain. We started with a simple mission of creating quality living spaces. Over 500,000 heads rest on OYO hotel pillows daily today, a testament to the impact we are creating globally.
“In the last six years, we have enabled job opportunities for over 300,000 young people across India, China, US, and the U.K. and will continue to support the growth of the Hospitality, Travel and Tourism industry around the world. I am happy to see that real estate owners continue to see value in working with OYO Hotels while witnessing an increase of approximately 30% in occupancy, a 2.5X jump in RevPar and profits.”
He added: “This is a strong validation of the impact we have on their business, both at customer experience and revenue levels. Today, we are a small percentage of the world’s accommodation market, and we have an incredible opportunity ahead of us. We are just getting started.”
