India-based hotel aggregator, Oyo, is planning to expand its U.S. presence by adding over 250 hotels in 2024, marking a 150% increase from the previous year. The company’s founder and CEO, Ritesh Agarwal, stated that the goal is for every 1 in 10 hotels in the U.S. to be associated with the Oyo brand. The expansion will target both new and existing markets, including Miami, New York City, San Francisco, New Jersey, Las Vegas, Los Angeles, Manchester and Orlando.
However, Oyo’s latest luxury brand offering, Sunday, is not set to be introduced in the U.S. at this time. The company has been focusing on digital demand generation and transitioning to a digital-first franchise model, which has been a key factor in its growth.
Oyo has seen above average growth in markets like Pennsylvania and New Mexico, where per room revenue improved by more than 25% in 2023. States such as Oregon and Washington have seen a jump in “used room nights” by approximately 25%.
The company also recently partnered with payment processing platform Stripe to improve customer and owner experiences through seamless payment solutions and real-time payouts.
Despite its international presence in over 35 countries, India remains Oyo’s biggest market where it manages or partners with over 10,000 hotels. As for a potential public offering in the Indian markets, Agarwal stated that the company currently has no need to raise more money.
Source: skift.com