India's largest hospitality company, OYO Hotels & Homes, and the world’s sixth largest and fastest-growing chain of leased and franchised hotels, homes & living spaces, has become the second largest hotel group and company in China.
In 18 months, OYO has expanded its presence to 320 cities, nearly 10,000 OYO-branded hotels and 450,000 rooms, surpassing the scale of traditional and established hotel chain brands in the country.
The franchisee contract renewal rate of more than 97% has been highly encouraging and reflective of the value that OYO creates for asset owners, while providing quality affordable accommodations to guests.
Sam Shih, COO, OYO China said, “We have enabled jobs for over 100,000 young people due to the occupancy rise and, as more people stay in our hotels, more economic opportunities are created.
'I am humbled to see that over 97% of franchisee partners have come back and renewed their contracts, a testament to the impact we have had on their business, both at occupancy and revenue levels.
'Today, we are less than 2% of the country’s accommodation market that stands at 35 million rooms. We have an incredible opportunity ahead of us and we are just getting started.”
The company was formed in 2013 and launched in the UK in October last year but already has 50 hotels here, with Paddington (pictured) being the lastest opening.
