In a major announcement on Tuesday, OYO has revealed its vision to expand its premium hotel offerings in India by twofold, with a target of adding approximately 1,800 deluxe hotels in 2023.
Among its premium brands are the Townhouse Oak, the chic OYO Townhouse, the Collection O, and the Capital O, all of which have been designed to cater the needs of the travelers. With the current surge in business travel, OYO is poised to take advantage of the opportunity by significantly expanding its presence across all major business cities in India.
The hospitality tech giant, which currently have the portfolio of around 1,800 premium hotels in the country, has announced plans to add a further 1,800 such hotels to its network this year. "OYO plans to add approximately 1,800 premium hotels this year," the hospitality platform said.
As part of its growth strategy, OYO will be concentrating its efforts on key business hubs such as Bengaluru, Hyderabad, and Chennai in the south, Delhi and Noida in the north, Kolkata in the east, and Mumbai in the west. This move of the Company can be attributed to increase in holiday trips, meetings, and weddings, and improvement in professional travel and foreign tourist visits.
In a report, Icra stated that the supply of hotel rooms in India is anticipated to rise at an annual growth rate of 3.5-4 percent for the next five years, contributing roughly 15,000 rooms to the existing 94,000-room premium inventory across the country by FY2023. According to the report by the credit rating agency, the premium hotel occupancy rate throughout India is projected to reach 68-70 percent for FY23.