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Ritesh Agarwal's American Dream to get $300 million thrust! Oyo to launch in New York, Los Angeles, San Fransisco

The Ritesh Agarwal founded hospitality firm OYO is also looking to soon enter big cities like New York, Los Angeles, and San Fransisco, the company said in a statement Thursday.

twitter-logo BusinessToday.In        Last Updated: June 21, 2019  | 13:25 IST
Ritesh Agarwal's American Dream to get $300 million thrust! Oyo to launch in New York, Los Angeles, San Fransisco
Hospitality firm OYO has announced plans to invest $300 million (around Rs 2,087 crore) over the next few years across cities in the United States.

Hospitality firm OYO has announced plans to invest $300 million (around Rs 2,087 crore) over the next few years across cities in the United States. The SoftBank-backed company said in its official release that it wants to expand its footprint in the country for growth, talent acquisition, competency building and infrastructure development.

OYO at present manages over 50 hotels in more than 35 cities in the US. It offers living spaces in popular US cities comprising, Dallas, Houston, Augusta, Atlanta and Miami. The hospitality firm is also looking to soon enter big cities like New York, Los Angeles, and San Fransisco, OYO Hotels and Homes said in a statement Thursday.

Also Read:At 24, OYO founder Ritesh Agarwal becomes youngest entrepreneur in India, says Hurun India Rich List

"We, at OYO, are thrilled to see our business grow in the US, our newest home market. We promise to bring new age hospitality experience at a price point you never imagined; select service hotels are finally going to be fun and beautiful," said Abhinav Sinha, chief operating officer, OYO Hotels & Homes, Global.

With its considerable expansion in the US, the hospitality firm claims it has already created 1,000 jobs in the country.

"We started on the belief that everyone deserves a beautifully designed, chic and comfortable living space. And everyone deserves a better life. We knew we could change the way people live. We did that by upgrading bland, generic spaces and places and designing them with next-gen chic and design moxie and offering them at hard-to-ignore prices, in Europe and the US. That said, given that there was so much movement from traditional hotels to well-designed accommodations, we knew that our guests would appreciate #LivingTheGoodLife, no matter what the price point is. For them, it is never only about the price point, it is the entire package." Ritesh Agarwal, Founder & CEO of OYO added.

Also Read: Oyo to share customers' arrival, departure details with authorities

The six-year-old startup has been on an expansion spree in the international market for over two years. OYO widened the scope of its business in China in the year 2017 and the endeavour paid off with the country becoming OYO's biggest market. The company recently said that it has become the second-largest hotel group in China within 18 months of its foray into the country, with presence in 320 cities and nearly 10,000 Oyo-branded hotels with 450,000 rooms.

Oyo Hotels and Homes currently has its footprint in more than 800 cities across 24 countries.

Also Read:OYO announces Rs 1,400 crore investments, launches new property 'Collection O' targeting millennials

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