 "oyo, oyo hotels, OYO Rooms")
OYO parent PRISM-backed OYO Assets, on Wednesday, said it plans to acquire 12 hotels in the second half of this financial year to scale its portfolio of premium and mid-premium hospitality assets.
OYO Assets, also known as Sunday PropTech, said that out of the 12 targeted acquisitions, seven hotels are in advanced stages of acquisition.
"The portfolio of acquisition will be funded through a mix of debt and equity, leveraging the company's strong balance sheet and investor support from an InCred and Analah-led consortium, along with PRISM Life and its shareholders such as SoftBank," OYO said.
Saurav Agarwal, Board Member, Sunday PropTech, said its focus is on properties in good locations with strong return potential.
"The need for high-quality premium and mid-premium hotels, coupled with a growing interest in travel, has been increasing significantly, and we see compelling opportunities to deploy capital in this space," Agarwal added.
Also Read
 "OYO, Oyo rooms, Oyo app, Oyo logo")
 "q1 results, earnings, companies, india inc, corporate")
 "Oyo hotel")
 "oyo")
Beyond its immediate expansion plans, OYO Assets will evaluate acquisitions in the mid-scale and premium brand segments where PRISM has a strong operational footprint, OYO said.
These hotels will be operated under PRISM's brands, including Sunday Hotels, Palette Hotels, Townhouse, and others.
PRISM's company-serviced hotel portfolio in India spans over 1,300 hotels.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
 "Havmor")
 "Airtel")
 "José Muñoz, President and Chief Executive Officer of Hyundai Motor Company")
 "Air India")
 "Tarun Garg COO, Hyundai Motor India")
