Oyo Hotels & Homes sets ambitious growth targets for UK market
Oyo Hotels & Homes expects to open its 50th hotel in the UK by the end of the month.
Since launching in the UK October 2018, Oyo has opened 30 hotels across the UK - including properties in London, Birmingham, Manchester, Blackpool and Edinburgh - and built a team of over 100 employees working in business development, operations, transformation, marketing and other functions.
The business, which is backed by investors including Softbank, Airbnb, Sequoia and Lightspeed, plans to invest £40 million in the UK this year.
Oyo Hotels & Homes works with independent hotels to improve their performance and enhance the customer experience.
Through its proprietary technology, revenue management capabilities and operational expertise, the company seeks to improve financial returns for hotel owners while ensuring guests have a great experience during each and every stay.
Since being founded in India in 2013 by 25-year-old entrepreneur Ritesh Agarwal, Oyo has become the world’s fastest growing hotel chain with a network of over 18,000 franchised and leased hotels across 500 cities and ten countries, including India and China.
Its launch in the UK, the first market outside of Asia, marks a major milestone for the company’s international growth.
Jeremy Sanders, entrepreneur and co-founder of the restaurant chain, Coco di Mama, was appointed late last year to lead the business in the UK.
Sanders said: “We are extremely excited to have launched in the UK, and are very encouraged by our progress so far.
“We are delighted to have already partnered with so many amazing independent hotel owners from across the country, and look forward to working with many more.
“This is the most sophisticated hospitality market in the world - there is a lot of competitive pressure, but also a lot of opportunity for the right offering that is well executed.
“A combination of our technology, investment and hotel expertise empowers independent hotel owners to take that opportunity and thrive.”