OYO, the hospitality chain established by Indian tycoon Ritesh Agarwal, has disclosed its strategy to inject £50 million into the º£½ÇÊÓƵ market over the forthcoming three years, a move that is set to bolster 1,000 jobs.
The announcement follows the group's ambitious plan to launch 40 new hotels across the º£½ÇÊÓƵ by the close of 2024, as reported by .
OYO emphasised that its investment will concentrate on 'premium' hotels to draw more international visitors and noted it is in "advanced stage discussions" with several prominent hotel chains and property firms.
Puneet Yadav, country head for OYO º£½ÇÊÓƵ, commented: "OYO entered the º£½ÇÊÓƵ market in 2018, leveraging a model that had already proven successful in other global markets. " He added, "Over the years, we have grown our portfolio to over 200 properties across 65 cities, establishing a strong foothold in the region."
Yadav further explained, "While we continue to cater to the budget segment, we are now focused on expanding through leasehold agreements and management contracts with premium properties."
He also revealed plans to bring some of OYO's popular European brands to the º£½ÇÊÓƵ, aiming to diversify their offerings and adapt to changing consumer demands.
Currently, OYO boasts a network of over 200 hotels, predominantly within the budget category, spread over 65 cities in the º£½ÇÊÓƵ, with a particular focus on London, Manchester, Birmingham, Cardiff, and Brighton.
Investment Minister, Baroness Poppy Gustafsson, commented: "Our mission is to create a strong, stable and pro-business economy, with the º£½ÇÊÓƵ remaining one of the best destinations in the world for investment."
She further added, "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."
