Oyo Targets Business Hubs As Corporate Travel Surges; To Double Premium Hotels This Year

Hospitality chain OYO on Tuesday announced plans to double the number of premium hotels India With the addition of around 1,800 such hotels in 2023.

OYO currently has around 1,800 premium hotels in India. Its premium hotel brands include Townhouse, Townhouse Oak, Collection O and Capital O.

The move is aimed at taking advantage of the increase in business travel by increasing its footprint in all major business cities. PTI informed of.

Oyo said the expansion will focus on major business cities such as Bengaluru, Hyderabad and Chennai in South India, Delhi and Noida in the North, Kolkata in the East and Mumbai in West India.

“We are seeing a clear trend of people wanting to spend more on experiences. Hence, hotels are now offering additional services and amenities to enhance the travel experience and make it more convenient for guests. Premium hotels Our expansion plan with a focus on growth is in line with this trend.” PTI OYO Chief Merchant Officer Anuj Tejpal said.

Oyo’s focus on premium hotels began in the last quarter of 2022 when it added over 400 premium hotels between October and December.

In a report, ICRA said that India’s hotel room supply pipeline is expected to grow at a 5-year CAGR of 3.5-4 per cent, adding around 15,000 rooms to a pan-India premium inventory of around 94,000 rooms in FY2023. .

The credit rating agency has said in the report that pan-India premium hotel occupancy is expected to be 68-70 per cent for FY23.

The demand for premium category hotels has increased tremendously in the last few months. This can be attributed to pent-up demand in domestic leisure travel, transient travel, meetings, promotions and weddings, and a gradual recovery in business travel and foreign tourist arrivals.

read all latest business news Here