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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 founder Agarwal to forego 100 per cent of annual salary
Reading Time: 2 minutesIndia: Ritesh Agarwal, founder and group CEO of OYO Hotels & Homes, has announced that he is foregoing 100 per cent of his salary for the rest of the year as the company seeks to unite in the face of the impact of Covid-19 on the global travel and hospitality industry. Furthermore, OYO’s entire executive […]
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. […]
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 Hotels & Homes adds to senior leadership team
Reading Time: 3 minutesIndia: Global hotel and vacation rental chain, OYO Hotels & Homes, has made a number of significant appointments and additions to its leadership team. Current CEO for the hotels and homes business in India and South Asia, Aditya Ghosh, has joined the company’s board of directors, where he will work alongside OYO Hotels & Homes […]
OYO Hotels & Homes to raise $1.5bn for global expansion
Reading Time: 2 minutesIndia: As part of plans to expand into the U.S. and European markets, lodging startup OYO Hotels & Homes is raising $1.5 billion in a Series F funding round through founder and CEO, Ritesh Agarwal, Softbank Group and other investors. Agarwal, through RA Hospitality Holdings, is set to inject $700 million into buying new shares […]
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 […]
OYO Hotels & Homes announces $2bn investment round
Reading Time: 3 minutesIndia: Cayman Islands-based RA Hospitality Holdings has announced the signing of a $2 billion primary and secondary management investment round with OYO Hotels & Homes. The round was confirmed by OYO Hotels & Homes founder and CEO, Ritesh Agarwal and is being supported by global institutional banks and Agarwal’s financial partners, subject to regulatory and […]
OYO acquires Amsterdam-based @Leisure Group
Reading Time: 3 minutesNew Delhi / Amsterdam / London: OYO Hotels & Homes has agreed to purchase Amsterdam-based vacation rental company @Leisure Group. @Leisure manages holiday homes, holiday parks and holiday apartments, and OYO has acquired the firm from media and technology company, Axel Springer. @Leisure Group, through its Belvilla, DanCenter, and Danland brands, offers more than 30,000 […]