SoftBank-backed global hotel chain OYO has built a strong network of 1.8 lakh rooms, within less than 12 months of operation in China and has emerged as one of the to top 5 hotel chains in the country.
After launching operations in November 2017, OYO now has over 1.8 lakh franchised and leased rooms and more than 4,000 hotels under franchise, manchise and leased format as part of its chain in China.
Some of the cities OYO has a presence in include Hangzhou, Xian, Nanjing, Guangzhou, Chengdu, Shenzhen, Xiamen, and Kunming, among others. Some franchised & leased hotels are present in Hulunbeier City, Sanya City, and Hainan Provinces.
Ritesh Agarwal, Founder and CEO, OYO, said, “During our last round of funding, we had committed approx $600 million to the China market, of which $300 million will be used for renovation and infrastructure investments. This additional investment we believe will help us drive the next wave of growth in China, which is already ahead of India, that too in a much shorter span. This is a testament to the acceptance OYO has got in China, the relevance of our business model in the market and the opportunity ahead.”
OYO has a strong workforce of over 5,500 employees in China and has also launched 6 Oyo Skill Institutes to train its workforce. It has trained 924 people in 76 cities with the help of two regional training managers and eight internal trainers while creating more than 60,000 livelihood opportunities in China’s hospitality sector.
Earlier this week, it was announced that OYO approved a proposal to add 2,000 stock options to its ESOP, to keep employees motivated and help them enjoy the benefits of the tremendous growth of Gurugram-based hotel chain.