Based in Bengaluru (Bangalore, India), Oyo Hotels and Homes are launching an aggressive expansion effort on the heels of 2019 revenues in excess of $951 million.
Regarded in the industry as the fastest growing hotel chain in the world, Oyo now has more than 50 hotels across the U.S., but has said that it plans to invest at least $300 million to build more.
The trendy hotels with their starkly designed rooms offer shared work and kitchen space, a common laundry room, libraries, and WiFi, with guests being able to book stays at other locations through the OYO Rooms app.
But perhaps the greatest appeal of the brand is the price of its rooms, which on average is below $50 a night.
Last year Oyo founder Ritesh Agarwal even said that ideally he would like to open at least five new hotels a day in the U.S.
The U.S. expansion comes as the company has also committed to building new locations in China, Great Britain and in several Latin American countries.
In the last 12 months, the company launched more than 400 hotels in just Mexico alone.
Last month an Oyo spokesperson told the New York Times that the company was taking steps to “optimize and strengthen our business.”
That effort, the spokesperson continued, includes “balancing the speed of our expansion with our operational capabilities, ensuring our growth is sustainable and maintaining our commitment to excellence across the board.”
Since 2019 Oyo has renovated existing structures and opened new properties in Atlanta, Augusta, Dallas, Denver, and Houston, among other cities.
The company has not yet announced where its future locations will be, but some analysts are predicting growth in the West and South, with at least five hundred OYO hotels open for business in the U.S. by early next year.
By Garry Boulard
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