Oyo Hotels builds inventory of 1.8 lakh rooms in China in 1 year1 min read . Updated: 29 Nov 2018, 05:06 PM IST
Softbank-backed Oyo now has over 180,000 franchised and leased rooms and more than 4,000 hotels under franchise, manchise and leased format as part of its chain in China.
New Delhi: Hospitality chain Oyo Hotels and Homes today announced that in just one year of its launching of services in China, it has build a strong inventory of 1.8 lakh rooms and is now one of the top 5 hotel chains in the neighbouring country. Gurugram-based Oyo, which began its China operations from November 2017, treats China as a home country along with India.
Softbank-backed Oyo now has over 180,000 franchised and leased rooms and more than 4,000 hotels under franchise, manchise and leased format as part of its chain in China, it said in a statement. Prime cities include Hangzhou, Xian, Nanjing, Guangzhou, Chengdu, Shenzhen, Xiamen, and Kunming, among others.
Oyo Hotels and Homes founder and Group CEO Ritesh Agarwal said during the $5 billion start-up’s last round of funding, it had committed $600 million to the China market, of which $300 million will be used for renovation and infrastructure investments. “This additional investment we believe will help us drive the next wave of growth in China, which is already ahead of India, that too in a much shorter span. This is a testament to the acceptance OYO has got in China, the relevance of our business model in the market and the opportunity ahead," he said.
Oyo has built a local team of over 5,500 employees in China and has also launched 6 Oyo Skill Institutes to train workforce. China was the third overseas market for Oyo Hotels, after successful ventures in Malaysia and Nepal, where it has grown manifold. Since then the hotel chain has launched operations in the UK, UAE and more recently Indonesia.