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OYO targets US vacation rental market
Reading Time: 2 minutesUS: Indian hospitality unicorn OYO is attempting to expand its company towards the US vacation rental market. The group hopes to take on a property management focused role, subleasing out properties on behalf of owners and operators. OYO, which specialises in managing budget hotels, currently operates around 50 homes in the US market so far. […]
OYO faces lawsuit for non-payment of dues
Reading Time: < 1 minuteIndia: OYO Rooms has been served a lawsuit for a potential non-payment. Hyderabad based hospitality firm Conclave Infratech has filed an insolvency application against OYO parent company Oravel Stays. The group claims a lack of payment for services rendered with regard to The Conclave Hotel. The original agreement between the two claims that Oravel would […]
OYO posts $335 million loss in Q1 2019
Reading Time: 2 minutesIndia: Hospitality brand OYO has posted losses of $335 million for the year ending in March 2019, representing a 544 per cent loss increase from its 2018 figure of $53 million. The hospitality group claimed that most of this growth was due to the cost of international expansion, primarily into their secondary market of China. […]
Gallery Suites offers to buy OYO’s home division
Reading Time: 2 minutesUAE: The Dubai-based short-term rental company Gallery Suites has reached out to purchase start-up OYO’s home division. This is in the face of OYO having to scale back growth in light of major shifts in the market. Gallery Suites is owned by Dubai based investor IBC Group, which focuses on art, property and real estate […]
OYO Hotels & Homes partners with Sabre Hospitality Solutions
Reading Time: 2 minutesSingapore: Rapidly-growing hospitality chain OYO has partnered with Sabre Hospitality to connect its properties with travel agents. Through Sabre’s GDS connectivity solutions, powered by its SynXis platform, OYO will have access to a network of over 900,000 agents. In a press release, OYO global chief strategy officer Mandiner Gulati said: “Asset owners are the backbone […]
OYO announces layoff round in India and China
Reading Time: 2 minutesIndia: Franchised short-term rental and hotel startup OYO has announced a significant layoff round, letting go of thousands of their employees across the core markets of India and China. The company has announced a five per cent layoff of its 12,000 staff members in China, and 12 per cent of its 10,000 employees in India, […]
The short-term rental industry 2020: Ones to Watch
Reading Time: 9 minutesWorldwide: Following the release of our ten predictions for the short-term rental industry in 2020 this time last week, we have identified ten figures that we believe are ‘ones to watch’ in the space over the next 12 months. Making up the list are a mixture of well-established and up-and-coming names in the short-term rental […]
Agarwal reportedly invests $693m in OYO in protracted deal
Reading Time: 2 minutesIndia: OYO founder and group CEO, Ritesh Agarwal, has invested an estimated $693 million in the company, according to online publication Inc42. Once the transaction has been officially completed, it will become the richest cashout in India’s startup ecosystem. Agarwal is expected to retain an 18.03 per cent share of the company, up from the […]
OYO to plough investment into vacation rental business
Reading Time: < 1 minuteIndia: Indian hospitality startup OYO has revealed it will inject up to 300 million euros ($335.28 million) into its vacation rental home business to expand its increasing European footprint. In May, OYO acquired Amsterdam-based holiday rental company @Leisure, after which the hospitality chain rebranded as OYO Vacation Homes. In a statement, OYO said it now […]
Airbnb considering investment proposition with OYO
Reading Time: 2 minutesIndia / China: Airbnb is reportedly looking into the possibility of entering into a deal with OYO with a potential investment of $100 million to $200 million in order to emerge in the hotel business in India and China. The news comes a matter of weeks after Airbnb acquired US hotel booking startup HotelTonight for more […]