You are here: Home » PTI Stories » National » News
Business Standard

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

Topics
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.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

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