Page 7 - Oyo Rooms

OYO appoints Mandar Vaidya as CEO for South East and West Asia

Hospitality firm OYO Hotels and Homes on Wednesday said it has appointed Mandar Vaidya as the Chief Executive Officer for Southeast Asia and the Middle East, effective from August 1, 2019. The appointment comes as part of company's ongoing focus to drive accelerated growth in two of its high potential markets - Southeast Asia and the Middle East, OYO said in a statement. Vaidya has over 15 years of experience. He would be responsible for driving business growth for OYO in these two regions, which include markets like Indonesia, Malaysia, the Philippines, Vietnam, UAE, and the Kingdom of Saudi Arabia, it added. "We are thrilled to welcome Mandar to the OYO family as he takes charge of strengthening OYO's presence in Southeast Asia and the Middle East," OYO Hotels and Homes Founder & CEO Ritesh Agarwal said. These two markets are crucial for OYO's international expansion strategy, he added. "Under Mandar's leadership, we look forward to establishing a strong relationship with asset

OYO ramps up presence in UK; expands to over 100 hotels across 25 cities

UK was OYO's first destination outside of Asia and in June 2019, the company announced its entry into the USA

CCI dismisses complaint that OYO Rooms is abusing its dominant position

The complainant alleged that an agreement contains clauses which were one-sided, unfair and discriminatory which OYO was able to impose because of its dominant position

Letter to BS: The speed at which Oyo Rooms is moving should draw attention

Most surprising is that Oyo claims to be one of the largest hotel chains in the world with virtually negligible physical assets creation

Meet Bejul Somaia, the investor who will make 35x returns from Oyo

This will be the best exit in India in terms of returns

Wrapped in mystery

The modus operandi of Oyo Founder Ritesh Agarwal raising his stake in the company and the objective behind it have left the audience perplexed

OYO expands Vietnam footprint with over 90 hotels; to invest $50 million

The company will create 1,500 direct and indirect jobs in the country

Relief for OYO after HC restrains hoteliers from banning hospitality firm

The court noted that OYO has an appropriate agreement with other hoteliers and service providers and the associations act of calling for boycotting the company prima facie would be illegal

OYO to buy Amsterdam-based vacation rental company @Leisure for Rs 2,880 cr

The deal with @Leisure Group will give Oyo access to a total inventory of 300,000 rooms across Europe

OYO's loss-income ratio estimated to have halved in 2018-19

OYO recently announced a commitment of Rs 1,400 crore for its India and South Asia business, as part of its strategy to further double its expansion plans

OYO bets big on corporate travel, to expand 'SilverKey' hotels to 19 cities

Hospitality firm OYO Tuesday said it will be scaling its executive stays offering - SilverKey - to 19 cities across the country by end of 2019. SilverKey hotels are currently operational in 10 cities --Gurugram, Delhi, Noida, Pune, Chennai, Hyderabad, Bengaluru, Coimbatore, Thiruvananthapuram and Kolkata, OYO said in a statement. The company has identified corporate travel segment as a key engine of growth for the year and has stepped up engagement in this segment, it added. It also aims to increase the number of SilverKey hotels to 400 with over 8,000 rooms by end of 2019, OYO said. The new cities will include Mumbai, Ahmedabad and Vijayawada, among others. "Our mission is to help customers find quality accommodation options right where they need it and SilverKey helps address the need for an affordable and functional stay option for India Inc by being conveniently located in and around key business hubs," OYO Hotels & Homes India & South Asia CEO Aditya Ghosh said. With the .

OYO acquires co-working space firm Innov8, to open 35 new offices

OYO spent between Rs 150 crore and Rs 200 crore for the acquisition

OYO to enter housing rental segment in Japan; forms JV with Yahoo Japan

Hospitality firm OYO Friday said it has entered into a joint venture (JV) with Yahoo Japan Corporation to make a foray into the housing rental market in Japan, targeting the young population. Through the JV, named as OYO Technology & Hospitality Company, Japan, OYO will bring its housing rental product from India -- OYO Living -- rechristened as OYO LIFE to Japan from March 2019, OYO said in a statement. "Japanese entrepreneur and former Japan market leader for Handy and Booking.com, Hiro Katsuse, has been appointed as the CEO of the newly formed joint venture company," it added. OYO LIFE will target the young and growing population of Japan, starting with students and young professionals, the statement said. "This new entity will be focused on creating unique living experiences for the Japanese citizens, students, and young professionals, looking for good quality affordable accommodations, starting with our fully managed homes brand - OYO LIFE," OYO Hotels and Homes CEO and ...

OYO posts over four-fold jump in hotel sales globally to $1.8 bn in 2018

Hospitality firm OYO Thursday said it posted over fourfold jump in its hotel sales globally to USD 1.8 billion in the calender year 2018. It had posted a revenue of USD 0.4 billion for 2017, OYO said in a statement. "We have had a great year. Globally, we have reached over 4,58,000 fully controlled leased and franchised keys (rooms) with a realised value run rate of USD 1.8 billion for calendar year 2018 representing a 4.3x year-on-year growth," OYO Hotels & Homes Chief Financial Officer Abhishek Gupta said. Currently, the company is operational in eight countries, he added. "The revenue growth has been driven by strong underlying business drivers notably increase in exclusive room supply, 5.7 times increase in stayed room nights and consistent increase in commission incomes," the statement said. Globally, OYO Hotels & Homes is present in over 500 cities across eight countries - India, China, Malaysia, Nepal, the UK, UAE, Indonesia, and the Philippines, with more than 13,000 .

OYO to share live check-in updates with state govts, law authorities

The company has already put in place this digital register in Jaipur in Rajasthan and pilot projects are running in Haryana and Telangana

OYO threatens to take legal action against hotels for declining bookings

Hospitality firm OYO Thursday said it would take strict legal action for breach of contract against any hotel on its platform that boycotts bookings under the influence of small vested interest groups. Most of the boycott threats are being made by small groups of people who have no property associated with OYO, the company said in a statement. OYO has not received any formal communication from any of its asset owners and the company continues to engage with its franchisee hotel owners on a one-to-one basis to resolve issues, OYO Hotels & Homes Head of Supply Ayush Mathur said. "However, some such individuals have also been threatening to ignore the agreements and not accept online bookings, which will lead to breach of contract and involve legal liabilities as we cannot and will not let anyone hamper the customer experience. We will take strict legal action and take them to court," he added. Refuting the charges regarding deep discounts, Mathur said: "As per our agreement with our

OYO offers to buy shares worth Rs 500 mn from employees, ex-workers in Jan

Hospitality firm OYO Friday said it has launched an offer to around 250 of its existing and ex-employees to liquidate their stock options which would have a realisable value of around Rs 40-50 crore in January 2019. This is being executed through a secondary acquisition programme led by one of our existing investors, and our board members are very supportive of this initiative, OYO said in a statement. The company expects the total ESOP liquidity programme to be worth around USD 150 - USD 200 million over the next few years, it added. OYO is going to implement a strong multi-year staggered liquidity schedule for its ESOP holders by way of facilitating the secondary sale or through other liquidity schemes, it added. Commenting on the development, OYO Hotels & Homes CHRO Dinesh Ramamurthi said: "Today, we are announcing this programme for eligible employees. This is part of our continuing efforts to express our gratitude and reward our employees for their hard work, perseverance, ...

OYO aims to add more than a million rooms by 2023, overtake Marriott

American hospitality major Marriott is currently the world's largest hotel brand with approximately 1.4 million keys

OYO plans to hire over 2,000 tech experts, engineers by 2020, says founder

As an intersection of real estate, hospitality and technology, the company has over 20 technological products that power various business verticals

In less than a year, OYO's China business is half as big as India's

Budget hotel brand now has over 50,000 rooms in China, half of its total inventory in India