OYO Hotels & Homes, the world’s third-largest and fastest-growing hotel chain, has just hitting its 100+ hotels milestone in the US. This is a major milestone for the young hotel startup and a testament to how the company is continuing to maintain its growth momentum.
Since formally announcing its presence in the US market in June, it has established itself in more than 60 cities, almost quadrupling its previous portfolio in a short span. The company’s recent foray into Las Vegas, through the partnership with Highgate, to open the doors to its first 657 rooms flagship - OYO Hotel & Casino, has been a key milestone in its growth journey.
OYO Hotels & Homes committed £240m as an initial investment in the US – fuelling its rapid growth across the country. Currently, the new-age hospitality company is successfully opening one or more buildings per day, creating more than 4000 jobs.
With 112 OYO hotels live in July in more than 21 states and 60 cities, including Dallas, Houston, Los Angeles, Seattle, Atlanta and Miami, OYO Founder & CEO Ritesh Agarwal said OYO will continue to drive growth across the U.S. while delivering quality customer service.
“We are excited with our rapid growth and early success in the U.S., our newest home-market,” said Agarwal. “The US is a key home-market of us given the huge potential. While we continue to transform buildings across the country, we want to stay true to our philosophy that everyone, every day should be #LivingTheGoodLife. We do this by offering good quality ‘value-chic’ accommodations, with great ratings at unique price points.”
OYO Hotels continues to bring its successful model of combining design, hospitality, and technological expertise, financial acumen and operational capabilities to real estate owners around the world, giving them the ability to get a higher return on investments, access easy financing opportunities, transform their hotels, and offer good quality customer service, thereby significantly increasing occupancy and profitability – in every OYO building. There are over 20,000 of these buildings worldwide.
The company partners building owners and helps enhance their overall look and feel, resulting in improved service quality, performance, returns, and improved customer experience.
OYO has attracted some of the world’s leading investors, including Airbnb, SoftBank Vision Fund, Greenoak Capital, Sequoia Capital, and Hero Enterprise. When 19-year-old Ritesh Agarwal founded OYO, he couldn’t have imagined it would be the world’s fastest-growing hotel chain only six years later. That success in the US and across the world led Agarwal to sign a £1.6bn primary and secondary management investment round, allowing him to increase his stake in the business.