OYO becomes China’s second-largest hotel group, sixth in the world

OYO Hotels & Homes has announced that it has now become the second-largest hotel group in China and is the world’s sixth largest chain of leased and franchised hotels, homes and living spaces. OYO has expanded its presence to 320 cities, nearly 10,000 OYO-branded hotels and 450,000 rooms, surpassing the scale of traditional and established hotel chain brands in China, such as Home Inn, Hanting and others. The franchisee contract renewal rate of more than 97% has been highly encouraging and reflective of the value that OYO creates for asset owners, while providing quality affordable accommodations to guests. Commenting on the development, Sam Shih, COO, OYO China said, “OYO Jiudian (Hotels) operates like a Chinese company and delivers better living for middle-income people across the country. We have ensured that for the first time you can get a great living space in less than RMB 150 as well. Everyday, over 200,000 heads are on OYO Jiudian pillows in China due to the great experience at low cost. Also, we have enabled jobs for over 100,000 young people due to the occupancy rise and, as more people stay in our hotels, more economic opportunities are created. I am humbled to see that over 97% of franchisee partners have come back and renewed their contracts, a testament to the impact we have had on their business, both at occupancy and revenue levels. Today, we are less than 2% of the country’s accommodation market that stands at ~35 mn rooms. We have an incredible opportunity ahead of us and we are just getting started.”