Hospitality technology platform OYO on Wednesday said it will add over 1,000 hotels to support over 100 first-generation hoteliers by December 2023 as part of its accelerator programme. The company launched its accelerator programme in March this year with a target of supporting 50 first-generation 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 programme, the company said in a statement.
"Since the unveiling of our Accelerator Program, we have been actively engaging with our hotel partners to gather their insights, concerns, and suggestions," OYO Chief Merchant Officer Anuj Tejpal said.
The company is also offering financial assistance to facilitate expansion in new markets. It has already extended support worth Rs 10 crore, it added.
With the Indian hospitality sector showing signs of promising growth in the next few years, OYO said to cater to the growing demand, it 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 hotel brands such as Townhouse Oak, OYO Townhouse, Collection O and Capital O in 2023," the company said.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha elections 2024: Pallavi Dempo, Jyotiraditya Scindia among richest candidates in third phase
May 2, 2024 2:50 PM
Bengali star Dev files nomination, promises to plant trees equal to number of votes he gets
May 2, 2024 2:27 PM