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OYO opens Townhouse in Hyderabad
OYO, an innovative hospitality company, is expanding its chain of outlets across the country to cater to the ever-changing requirements of millennial travellers.
Hyderabad: OYO, an innovative hospitality company, is expanding its chain of outlets across the country to cater to the ever-changing requirements of millennial travellers.
It’ll open four more Townhouses in the city this year as part of its expansion plan of setting up 60 units in seven cities in south India for this year, according to a top official at the company. OYO will open four more Townhouses at Banjara Hills, Hitech City, Gachibowli and Punjagutta soon.
“Telangana will be a major platform for our business operations and will set up 25 OYO Townshouses in the State out of the 200 proposed including 60 in the south India as part of our expansion plan. The newly opened Townhouse is the fifth hotel and first outside the Delhi NCR.
Hyderabad real estate segment has lot of potential. We’ll expand here in the hospitality segment and are exploring partnerships with hotels,” Ritesh Agarwal, founder and CEO, OYO, told the media after inaugurating the first Townhouse in Jubilee Hills here on Wednesday.
Since its launch of budget category hotel in February 2015, OYO invested about Rs65 crore. “We’ll continue to invest to support our expansion plan. We’re growing four times a year as our strategy of offering a combination of location, price and quality is gaining popularity in the country.
Our innovative concept of Townhouse offers our guests 25 percent hotel, 25 percent home, 25 percent café and 25 percent merchandise store at one place. We’re operating at 85 percent occupancy rate. We have partnered with 7,000 hotels in 200 cities,” further added Agarwal.
According to the media reports, the Gurgaon-based start-up is in the process of raising funds to the tune of $500mn from Softbank. The deal, if successful, is expected to jack up the value of OYO to $1.2bn and placing it in the Unicorn club. However, Agarwal denied to divulge details on fund raising from Softbank.
