Oyo Hotels and Homes, the world’s third-largest and fastest-growing chain of hotels, homes and living spaces, is entering the four-star hotel segment in India. With the acquisition of a 64-suite building in Ahmedabad for an unspecified sum For the transaction, Oyo has partnered with Gurugram-based Mountania Developers hospitality company to transform the building into a premium hotel by the end of this year. Last month, the Hooters Casino Hotel in Las Vegas was purchased by Soft-Bank-backed Oyo at its first estate acquisition in the US. Oyo and Highgate,
American investment in real estate and hospitality management business, are investing USD 135 million to develop the asset.
Oyo has been connected with hotels in India in the budget and mid-segment. Now, company travellers will also be taken care of. More premium and upscale hotels are also planned for adding the business. Oyo will work with Mountania to assist obtain assets, while Oyo will leverage on-board, renovate, and redesign estate knowledge. “In view of the fast development of the hospitality industry over the past few years, this (premium) segment carries a lot of promise for us. The worldwide upscale and luxury hotel market is forecast to witness tremendous development and we want to take advantage of this chance at Oyo to allow our customers to experience a healthy life while on the company, “Aditya said.
“We think our profound knowledge of Indian customers and trends will be a game-changer for us in the upscale segment, combined with our operational and technological skills,” he said.
Oyo also seeks to join the categories of five star and seven-star hotels. It’s in sophisticated talks with holders of at least 10 such properties, one individual said, knowing the matter, asking for anonymity. The luxury and premium properties are located throughout India. Oyo was in the
hotels asset room on a purchasing spree.
In May, Axel Springer, a media and technology firm, had agreed to obtain an undisclosed quantity from the Amsterdam-based Leisure Group. @Leisure is a European-based vacation rental business that manages vacation homes and vacation parks as well as vacation flats. Oyo claims to have a $1.5 billion balance sheet. Over 12 rounds, it has raised almost USD 1.7 billion in financing.