Oyo Hotels and Homes, a fast-growing chain of leased and franchised hotels, homes and living spaces has expanded its chain to 1,80,000 rooms in China, in less than one year of operations.
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Chennai:
Ritesh Agarwal, Founder & Group CEO, Oyo Hotels & Homes, said, “Buoyed by rapid economic growth, China’s burgeoning $150 bn hotel industry will continue surging ahead despite being fragmented. It enjoys a strong influx of both domestic and international tourists. With this economic boom, there’s a steep rise in the middle-income group where more than 500 mn Chinese locals scout for good-quality accommodation at affordable prices.”
“During our last round of funding, we had committed approx $600 mn to the China market, of which $300 mn will be used for renovation and infrastructure investments. This investment we believe will help us drive the next wave of growth in China, which is already ahead of India, that too in a much shorter span,” added Ritesh. Oyo has built a local team of over 5,500 employees in China. The firm has also launched six Oyo Skill Institutes in Shenzhen, Xi’an, Suzhou, with more in the pipeline, to fuel the hospitality ecosystem. China was the third overseas market for Oyo Hotels, after ventures in Malaysia and Nepal.
Launched in November 2017, China operates as a home market for Oyo, along with India. It has 1,80,000+ franchised & leased rooms and 4,000+ hotels under franchise, manchise (management contract and franchise) and leased format as part of its chain in China.
Ritesh Agarwal, Founder & Group CEO, Oyo Hotels & Homes, said, “Buoyed by rapid economic growth, China’s burgeoning $150 bn hotel industry will continue surging ahead despite being fragmented. It enjoys a strong influx of both domestic and international tourists. With this economic boom, there’s a steep rise in the middle-income group where more than 500 mn Chinese locals scout for good-quality accommodation at affordable prices.”
“During our last round of funding, we had committed approx $600 mn to the China market, of which $300 mn will be used for renovation and infrastructure investments. This investment we believe will help us drive the next wave of growth in China, which is already ahead of India, that too in a much shorter span,” added Ritesh. Oyo has built a local team of over 5,500 employees in China. The firm has also launched six Oyo Skill Institutes in Shenzhen, Xi’an, Suzhou, with more in the pipeline, to fuel the hospitality ecosystem. China was the third overseas market for Oyo Hotels, after ventures in Malaysia and Nepal.