Having inked its first business acquisition, OYO has entered into an agreement with Chennai-based service apartment company, Novascotia Boutique Homes. The acquisition will add to the company’s existing portfolio and reiterate its focus on corporate service. Commenting on the development, Ritesh Agarwal, Founder & CEO, OYO said, “The acquisition forms an integral part of our inorganic growth plan, in line with our ambition to create quality living spaces and add value to every form of real estate. OYO is poised to deliver 180,000 keys by the end of 2018 and with Novascotia’s strength, we will be adding service apartments to our existing portfolio.”
With this acquisition, OYO will bring its distribution, operational, transformational and technological capabilities on board for offering corporate travellers accommodation options. The acquisition will boost OYO’s portfolio by 350 rooms across locations where Novascotia has its footprints. Novascotia has built a portfolio in locations including Chennai, Coimbatore, Hyderabad, Kochi and Trivandrum. OYO plans to expand these offerings to 12 cities by the end of 2018. These serviced apartments are located in the heart of business hubs equipped with spacious rooms, upscale interiors, meals, gym and dining area to cater all the requirements of business travellers.