OYO Plans 2023: Double Premium Hotels in India

OYO Plans 2023: On Tuesday, OYO revealed its goal to introduce 1,800 more high-end hotels to India by 2023 more than doubling the current number.

Townhouse Oak, OYO Townhouse, Collection O and Capital O are some of the high-end hotel brands offered by OYO.

Now OYO operates 1,800 upscale hotels throughout India. The move hopes to capitalise on the surge in business travel by increasing its presence in all of the major commercial hubs.

According to the business technology platform, OYO plans to add 1,800 luxury hotels this year.

The expansion would be concentrated in significant corporate hubs like Bengaluru, Hyderabad, and Chennai in South India, Delhi, and Noida in the North, Kolkata, and Mumbai in the West, according to the statement.

As OYO added more than 400 luxury accommodations between October and December 2022, it signalled that it would start focusing on this market.

It’s undeniably in style right now for people to spend more money on experiences. Hotels are now offering additional services and amenities to enhance the travel experience and make it more convenient for guests. Anuj Tejpal, the chief merchant officer at OYO, said, “Our expansion plan, which focuses on the construction of luxury hotels, is compatible with this trend”.

The demand for upmarket hotels has significantly increased during the last few months.

This might be attributed to the rise in domestic leisure travel, transient travel, pent-up demand from the meetings, incentives, and weddings sector, as well as the steady recovery in corporate travel and foreign tourist arrivals.

ICRA stated in a report that by FY2023, the pan-Indian premium inventory of roughly 94,000 rooms will have increased by about 15,000 rooms, growing at a 5-year CAGR of 3.5–4%.

In FY23, it is anticipated that Pan-India premium hotel occupancy will range between 68 and 70 percent, according to a report by the credit rating agency.