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Emerged as one of top 5 hotel chains in China: OYO

Business Finance

Press Trust of India  |  New Delhi 

Hospitality firm OYO Thursday said after 12 months of operations in China, the company has emerged as one of the top five hotel chains in the country.

The company, currently, has over 1,80,000 franchised and leased rooms and more than 4,000 hotels under various formats in China, OYO said in a statement.

"During our last round of funding, we had committed approx USD 600 million to the China market, of which USD 300 million will be used for renovation and infrastructure investments," OYO Hotels Founder & Group CEO Ritesh Agarwal said.

This additional investment will help OYO drive the next wave of growth in China, which is already ahead of India, that too in a much shorter span, he added.

With this in mind, OYO has built a strong local team of over 5,500 employees in China, the statement said.

The company has also launched six OYO Skill Institutes in Shenzhen, Xi'an, Suzhou, with more in the pipeline to fuel the hospitality ecosystem, it added.

China was the third overseas market for OYO Hotels, after successful ventures in Malaysia and Nepal.

OYO currently has over 12,000 franchised or leased hotels and over 3,000 homes as a part its chain.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, November 29 2018. 17:25 IST