OYO: Billionaire’s hotel empire to make £50m UK investment
OYO, the hotel chain founded by Indian billionaire Ritesh Agarwai, has revealed plans to invest £50m in the UK over the next three years and support 1,000 jobs.
The news comes after the group, which first entered the UK market in 2018, announced its ambition towards the end of 2024 to open 40 new hotels in the UK.
OYO said the focus of its investment will be on ‘premium’ hotels with the aim of attracting more international travellers.
It added that it is in “advanced stage discussions” with several large hotel chains and real estate companies.
OYO betting on premium for UK growth
Puneet Yadav, country head – OYO UK, said: “OYO entered the UK market in 2018, leveraging a model that had already proven successful in other global markets.
“Over the years, we have grown our portfolio to over 200 properties across 65 cities, establishing a strong foothold in the region.
“While we continue to cater to the budget segment, we are now focused on expanding through leasehold agreements and management contracts with premium properties.
“Additionally, we plan to introduce several of our popular European brands to the UK market, further diversifying our offerings and meeting evolving customer needs.”
OYO has over 200 hotels, mostly in the budget segment, spread across 65 cities in the UK – mainly focusing on London, Manchester, Birmingham, Cardiff and Brighton.
Minister for investment Baroness Poppy Gustafsson added: “Our mission is to create a strong, stable and pro-business economy, with the UK remaining one of the best destinations in the world for investment.
“OYO’s investment in premium hotels will not only strengthen our tourism infrastructure, but back our ambitious ‘Showcase Britain’ initiative, helping to boost economic growth as part of our plan for change.”