SoftBank Corp. and SoftBank Vision Fund to form
OYO Hotels Japan G.K. (“OYO Hotels Japan”). The new venture will be led by Prasun Choudhary as the operating partner, an OYO founding member, OYO said.
Ken Miyauchi, president and CEO of
SoftBank Corp said: "Given our shared vision for a digital future, we are excited to support a Vision Fund portfolio company in deploying cutting edge technologies and services to Japan. OYO Hotels Japan offers various values for owners such as dynamic pricing and reservation systems, contributing to the elimination of labor shortages and flexible pricing. We are sure that OYO Hotel Japan will contribute to the revitalization of the travel market including inbound tourism and regional revitalization in Japan."
“Japan is fast emerging as one of the most popular tourist destinations in Asia. We at, OYO Hotels & Homes, see this as a huge opportunity and are excited to contribute towards the growth of the local economy. by promoting tourism. We are thrilled to now be able to offer OYO’s affordable, hassle-free and quality living experiences to guests across Japan - and to be empowering Japan’s independent hoteliers with the latest technology innovations like AI and Machine Learning powered hotel/ryokan management system, predictive analytics led pricing and revenue management and seamless operational expertise that helps them focus on customer experience and thereby generate increased, sustainable incomes,” said
Ritesh Agarwal, group CEO and founder, OYO Hotels & Homes.
“We recently announced the launch of our beautiful living spaces in Japan, starting with the housing rental business -
OYO LIFE. Now, through our new entity, OYO Hotels Japan, we will be focused on creating unique hospitality experiences for both domestic and international travelers in Japan. OYO is already the most preferred brand in the budget to mid-segment hospitality space in several global markets, where our operational expertise in revenue management, and distribution, through both offline and online channels, has helped us gain significant momentum. Today, with the launch of OYO Hotels Japan, we hope to leverage our hospitality experience to host millions of travelers. We are delighted to have SoftBank Corp.’s support as always, as we gear up to enter the hospitality market in Japan,” added Agarwal.