Oyo, the fastest-growing chain of hotels, homes, and living space, is entering the four-star hotels’ segment in India with the purchase of a 64-suite building in Ahmedabad.
Last month, in its first property purchase in the US, SoftBank-backed Oyo had bought the Hooters Casino Hotel in Las Vegas. Oyo and Highgate, an American real estate investment and hospitality management company, are putting in $135 million for developing the asset.
Oyo has previously been associated with mid-segment hotels in India. It now is planning to venture out into business travelers. The company also plans to add more premium and upscale hotels.
Entering into four-star hospitality segment, OYO Hotels, and Homes has reportedly acquired ITC Hotels-managed Fortune Select Metropolitan Jaipur for INR 35-40 Crore from UAE-based property developer group Emaar Properties.
OYO was launched in 2013, by Ritesh Agarwal, as a hotel aggregator, since then it has expanded to a franchise model.
The budget lodging company offers its services ranging from hotels, holiday homes, Casino Hotels and Coworking spaces in 800 cities across 74 countries.