Sunday 24 October 2021

Ritesh Agarwal speaks at a Dubai event

OYO enters UAE; eyes 150 hotels by 2020

DUBAI, October 14, 2018

OYO Hotels, South Asia’s largest and world’s fastest growing hospitality chain, is set to establish its presence in the UAE, starting with the launch of its operations in Dubai, Sharjah and Fujairah. 
With a string of over 10 full-inventory, franchised and operated hotels and over 1,100 rooms across the UAE, OYO Hotels is ready to offer the benefits of its full-stack technology led hospitality model to hoteliers across the country. 
The company raised Dh3.68 billion ($1 billion) funding through SoftBank Investment Advisers last month. OYO chain of hotels is currently present in over 350 cities with over 12,000 asset partners spread across six countries including India, China, Malaysia, Nepal, the UK and now UAE in the Middle East. 
OYO plans to host guests in over 12,000 rooms within 150 hotels across the UAE by 2020. 
According to data from Dubai Corporation of Tourism & Commerce Marketing (Dubai Tourism), overall, Dubai hotel room supply is set to reach 132,000 by the end of 2019. Dubai Tourism also forecasts the hospitality sector to experience sharp, sustained growth over the coming years, with occupied room nights set to reach 35.5 million annually in 2019, representing a 10.2 percent compound annual growth rate over the next 24 months.
Ritesh Agarwal, founder and CEO, OYO Hotels, said: “With over 170 countries committing to the World Expo 2020, the hospitality sector in the Middle East, and more specifically UAE, is poised to grow substantially and with our market learnings and expertise we are ready to tap this opportunity. We’ve been at the forefront of the budget and mid-segment hotels revolution in the markets we operate in and can bring in our operational expertise and technology edge to the benefit of independent hotel owners. Dubai alone will host over 20 million visitors and currently records approximately hotel keys at 29.9 per 1,000 people. We are really excited to bring our quality living experiences at affordable prices to visitors of Dubai, while helping local hotel owners make best out of the opportunity ahead of them.”
“We are really excited about the opportunity offered by the UAE. This expansion is in line with our quest to support the country’s hospitality ecosystem and creating infrastructure for asset owners to grow and run successful businesses, all of this while ensuring high standards of quality. We want our potential guests and partners to know that in OYO Hotels they’ve found a trusted solution for all their travel and business needs,” added Manu Midha, regional lead, UAE, OYO Hotels. 
The United Arab Emirates is working on a target of opening over 75,070 rooms, across the country and other neighbouring countries, and preparing to welcome over 25 million visitors at World Expo 2020. OYO will be working towards transforming the hospitality industry in the region, by partnering in this vision.
At the time of entry, OYO Hotels will offer guests the high quality and affordable experience - perfectly suited for the needs of millennial travellers, aspiring for hassle-free accommodations. These properties will be operated under models of manchise, lease with full inventory control similar to other markets like India and China. These hotels will provide affordable and trusted living options for travellers from GCC countries, India and other International tourists, including business and leisure travellers. – TradeArabia News Service

Tags: hospitality | hotels | Franchise |

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