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OYO sees booking recovery in USA and Europe
Reading Time: 2 minutesUS: According to the CEO of Indian hospitality chain OYO, Ritesh Agarwal, a recovery is visible in its US and European markets, though holidaymakers are likely to shun large-scales in favour of home rentals and boutique hotels as the Covid-19 pandemic remains in circulation. OYO’s RevPAR is around 92 per cent of pre-coronavirus levels and the brand […]
OYO valuation reportedly drops to $8 billion
Reading Time: 2 minutesIndia: Hospitality unicorn OYO has reportedly seen its value drop from $10 billion [at the time of its last known valuation in November 2019] to $8 billion, as reported by The Hurun Global Unicorn Report 2020. The chain’s valuation had shot up to $10 billion in November as a result of CEO and founder, Ritesh […]
OYO partners with Unilever for sanitising regime
Reading Time: < 1 minuteWorldwide: Global hospitality chain OYO Rooms has announced a partnership with Unilever to enhance the company’s cleanliness and sanitisation regimes. In a joint statement, the two companies announced their partnership would begin in India before moving to Indonesia, Vietnam, the US, Latin America, and then Europe. OYO CEO Ritesh Agarwal told Economic Times India: “We’re pleased […]
OYO to lay off 90 per cent of US workers
Reading Time: < 1 minuteUS: Hospitality chain OYO is planning to lay off 90 per cent of its employees in the United States. Most of the workforce was initially furloughed in April, with news spreading soon after that layoffs may be coming. According to revenue tracking site Layoffs.fyi, OYO’s revenues have fallen to 25 per cent below its January […]
OYO to lay off “large majority” of furloughed U.S. employees
Reading Time: 2 minutesUS: Indian hospitality chain OYO is believed to have informed those employees who have been furloughed from the company indefinitely that a “large majority” of them will not be kept on. It follows earlier reports in May that the Softbank-backed budget lodging startup was furloughing the majority of its U.S. and UK-based teams, as occupancy […]
70 per cent of OYO hotels in China have reopened
Reading Time: 2 minutesChina: 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. […]
OYO to furlough US and UK staff, considering layoffs
Reading Time: 2 minutesWorldwide: Hospitality chain OYO is planning to furlough the majority of its staff across its non-main markets of the US and the UK. The company said it would place an unspecified number of employees on furlough until lockdown measures were lifted. The company, whose net loss had risen to $335 million by the end […]
OYO announces further furlough round and 25 per cent pay cuts
Reading Time: 2 minutesIndia: Just a fortnight after placing the majority of its employees, or “Oyopreneurs”, on furlough or temporary leave in the United States, United Kingdom and many of the other countries in which it operates, Softbank-backed hospitality chain OYO is furloughing more employees around the world and accepting a 25 per cent pay cut for all […]
OYO places “thousands” of staff on furlough and temporary leave
Reading Time: 2 minutesWorldwide: Hospitality chain OYO Hotels & Homes has placed a “certain number” of its employees, known as ‘OYOpreneurs’, on furlough and temporary leaves “in the U.S. and other countries”, it was revealed in an internal video message recorded by CEO and founder, Ritesh Agarwal. Though Agarwal declined to mention specific numbers in the video to […]
OYO offers support for virus-affected Japanese operators
Reading Time: 2 minutesJapan: OYO has announced it will be offering financial support to Japanese hotels in order to join its platform. It falls in the wake of the coronavirus outbreak threatening global hospitality and the cancellation of major events in the space and other segments around the world. The programme, called the OYO Partner Support Programme, offers […]