OYO Posted Four-Fold Growth in Financials
Technology-driven hotel chain OYP leases franchisees and properties has seen its realised value grow to $1.8 billion in December 2018 from $0.4 billion a year ago.
OYO Hotels and Homes posted year-on-year revenue growth four-fold backed by high yields to asset owners and quick renovation services.
The homegrown technology-driven hotel chain that leases franchisees and properties has seen its realised value grow to $1.8 billion in December 2018 from $0.4 billion a year ago.
Expansion in India and overseas will aid the future growth of the company, according to Aditya Ghosh, CEO of India and South Asia, OYO Hotels and Homes.
“Over 75 per cent of the hotel owners associated with OYO Hotels have seen an increase of 20-30 per cent in occupancy, a 2.5 times jump in RevPar (revenue per available room) and a significant jump in profit. Also, one out of six asset owners has more than one asset with OYO. The churn rate is less than 1 per cent on an average annually, which is by far the highest retention rate in the hospitality industry,” said Ghosh.
OYO has a team of 1,200 civil engineers and designers in India and international markets that has helped the firm to add 65,000 exclusive keys every month on a global level.
OYO is present in 24 countries, including India, where it has over 9,000 properties across 259 cities with a total of 176,000 rooms.
“In the eastern and northeastern region, we are present in Bengal, Bihar, Jharkhand, Odisha, Sikkim, Assam, Meghalaya, Nagaland and Tripura. We have over 2,000 hotels in the region. We have seen a high growth trajectory in the region ever since we launched in Calcutta in April 2015. The availability of rooms has grown over 200 per cent year-on-year,” said Ghosh.