OYO to support first generation hoteliers to facilitate 1000 hotel expansion in new markets
• OYO increases its Accelerator Program growth target for 2023 after encouraging response from first generation hoteliers
• OYO will now add 1000+ hotels to support over 100 first generation hoteliers as part of the Accelerator Program
• OYO has already supported 30 hoteliers and 250 hotels since the launch of the program in March 2023
• These hoteliers have recorded approximately 20% growth in revenue after joining this program
• Delhi has most of the hoteliers under this program followed by Hyderabad and Bangalore
• OYO’s Accelerator Program to focus on leisure cities in the next phase of growth
• CBRE report ‘Indian Hospitality Sector: On a Comeback Trail’ anticipates the addition of approximately 12,000 hotel rooms in 2023
Chennai: Global hospitality technology company OYO has announced that it will add more than 1000 hotels as part of the Accelerator Program by December 2023. It also plans to add more than 100 first generation hoteliers operating these hotels across India. OYO is also offering financial assistance to facilitate expansion in new markets. It has already extended support worth Rs 10 crore.
Hoteliers who participated in this program recorded approximately 20% increase in revenue in three months.
The Accelerator Program was launched in March this year with a stated target supporting 50 first generator hoteliers. OYO has already added more than 300 hotels operated by 30 hoteliers since the announcement of the plan which is higher than the initial target of adding 200 properties in the first phase of the program. Delhi NCR is a major contributor to the growth accounting for 40% of hotels followed by Hyderabad and Bangalore which together added 40% of hotels to the program. The rest of the growth came from other parts of India.
Hotel owners with more than 5 running hotels are eligible to be a part of the Accelerator Program.
OYO Accelerator Program is aimed at encouraging and empowering first generation hoteliers to accelerate their hotel portfolio expansion as travel surges in both business and leisure cities. Under this program, OYO is also helping them achieve long-term profitability and increase earnings by offering them mentorship, access to technology, dedicated relationship managers, financial support, and access to OYO’s network of over 15,000 corporate accounts and more than 10,000 travel agents across India boost business prospects.
The Indian hospitality sector is showing signs of promising growth in the next few years. CBRE South Asia recently unveiled its report, ‘Indian Hospitality Sector: On a Comeback Trail,’ shedding light on the sector’s growth and overall revival. It says that the sector is projected to attract over $2.3 billion in investments over the next 2-5 years. It also anticipates the addition of approximately 12,000 hotel rooms in 2023 alone.
To cater to the growing demand, OYO is now focusing on first generation hoteliers planning to grow their business in top leisure travel destinations such as Shimla, Amritsar, Udaipur, Goa, Mysore, Tirupati, Puri, Gangtok among others to expand its Accelerator Program network. The plan is also aligned with OYO’s focus on increasing the number of premium hotels brands such as Townhouse Oak, OYO Townhouse, Collection O and Capital O in 2023.
Elaborating on the encouraging response from the first-generation hoteliers, Anuj Tejpal, Chief Merchant Officer, OYO said “Since the unveiling of our Accelerator Program, we have been actively engaging with our hotel partners to gather their insights, concerns, and suggestions. Their enthusiasm and willingness to embrace expansion of their hotel portfolio have reinforced our belief that we are on the right path to achieving our goals.”
Ganesh K, Director, G Silver Hotels, Chennai expressed his satisfaction with the program and said “The Accelerator Program has helped us resolve operational issues quickly as we get a daily report on customer feedback etc. Additionally, it has also increased the occupancy in our hotels since the properties are now visible to a larger universe of guests”.
Deepak Rana, Owner of DSR Hospitality Service in NOIDA added “I have been working with OYO since 2017. The Accelerator program has enabled us to achieve swift growth, unlock the full potential of our properties and thrive in today’s highly competitive hospitality landscape. We have leveraged OYO’s advanced revenue management tools and techniques to ensure optimal pricing, maximise occupancy rates, and drive revenue growth”.
OYO Rooms has simplified, modernised and digitalised its tech stack to help hoteliers increase their visibility and in turn improve their revenue. Its revamped technological products, like Co-OYO are now equipped to help patrons design and run their own promotional offers to increase occupancy and support revenue maximization. The AI based self-onboarding tool OYO 360 provides a simple two-click platform to enroll patrons on its platform. With a simple review, in a single click the property will be live in just 30 minutes across all platforms.
Guests looking for comfortable stays choose OYO’s platform for many reasons, including accessibility to OYO’s hotels at competitive prices, quality accommodation, ease of use of its app, personalization, and flexibility of the OYO hotel platform. They can also resolve their queries quickly with OYO’s 24*7 chatbot – Yo! Chat.
About OYO
OYO is a global platform that aims to empower entrepreneurs and small businesses with hotels and homes by providing full-stack technology products and services that aim to increase revenue and ease operations; bringing easy-to-book, affordable, and trusted accommodation to customers around the world. OYO offers 40+ integrated products and solutions to patrons who operate approximately 1.70 lakh hotels, homes and listings in more than 35 countries including India, Europe and Southeast Asia, as of September 30, 2022. For more information, visit www.oyorooms.com/ph/.
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