China: OYO is seeing a small revitalisation of demand for travel, as 70 per cent of its Chinese hotels have reopened.
The company also reported to Business Insider India that it has seen a slow rise in bookings since.
China makes up the second largest global market for OYO after their home country of India. Their hotels are present in over 337 cities and 500,000 rooms in China, contributing 32.3 per cent of OYO’s global revenue.
The company said: “We have seen a consistent and consecutive occupancy rise in the last five weeks. We are witnessing over 50 per cent occupancy rates in South China in comparison to North China.”
OYO currently has plans in place to open the remaining hotels over the next 30 to 45 days. They are not alone in seeing slow rising demand in the country, as Marriott has seen a rise in occupancy from 10 per cent to 30 per cent since February.
The company added: “We have seen positive trends with respect to the average room prices. They are emerging strongly in comparison to the drops which we expected earlier.”
OYO has particularly suffered as a result of the global pandemic, placing thousands of employees on furlough and implementing significant executive pay cuts. This past week it was rumoured to be considering layoffs for most of its staff in the US and the UK.
The company hopes that a new focus on cleanliness and hygiene will pull guests into its doors. OYO has committed to doing temperature screens of all guests and staff at hotels while they are in operation.
It also added former Starbucks executive Troy Alstead as an independent board member to guide its global expansion. This may help it expand further into the American rental market, which it was targeting prior to the global outbreak.