New Delhi: Hospitality firm Oyo on Wednesday said it has emerged as the world's third largest hotel chain as per room count with 8,50,000 rooms in its portfolio.
In a span of six years, the company has expanded its presence to over 800 cities, more than 23,000 OYO-branded hotels and 8,50,000 rooms, Oyo said in a statement.
This growth is backed by a strong balance sheet of about $1.5 billion, it added.
A significant part of its funds is being invested in the business as the company focuses on maintaining its growth momentum across geographies, Oyo said.
"I am humbled to see the love and support of our customers and real estate owners that have helped us in emerging as the third-largest hotel chain on basis of the number of rooms," Oyo Hotels & Homes founder and CEO (Group) Ritesh Agarwal said.
Today, Oyo has over 8,50,000 exclusive keys as part of its hotel chain, he added.
"In the last six years, we have enabled job opportunities for over 300,000 young people across India, China, the US, and the UK and will continue to support the growth of the hospitality, travel and tourism industry around the world," Agarwal said.
The company's growth is fuelled by its success in China with presence in 337 cities with over 5,00,000 rooms, followed by growth in Indonesia with presence in 80 cities and over 20,000 rooms and other regions in Asia, the statement said.
Additionally, the UK with 85 hotels across 25 cities and the US with 68 hotels across 40 cities have been strong growth drivers for the company, it added.
"The company remains committed to diverting 40 percent of the funds towards China, of which $100 million will be towards customer experience, quality, and system improvements, and the balance to fuel further growth, talent development, competency building, and infrastructure development in the country," Oyo said.
The company is present in 300 cities in India with around 2,00,000 rooms.
Updated Date: Jul 10, 2019 17:53:37 IST