Oyo, a hospitality technology company, has announced its plans to launch 40 new hotels across the UK by the end of this fiscal year.
Oyo currently operates 200 hotels across more than 65 cities in the UK, with top-performing markets including London, Birmingham, Manchester, Torquay, and Great Yarmouth.
Oyo entered the UK market in 2018 with the goal of developing over 5,000 rooms within its first 18 months of operation.
The company plans to introduce these self-operated properties through flexible leasehold agreements ranging from three to 15 years, a model it has already implemented with 11 hotels.
Oyo anticipated that each of these hotels would generate 'approximately £1.5 million in annual revenue.'
The target cities for expansion include London, Birmingham, Manchester, Leeds, Bristol, Cardiff, and Edinburgh.
This follows the group's announcement of plans to acquire G6 Hospitality, the parent company of the Motel 6 and Studio 6 brands, from Blackstone Real Estate for $525 million (£405 million).
Oyo launched in the US in 2019 and now operates over 320 hotels across 35 states.
