OYO Targets 250 New Hotels in USA in 2024

OYO Targets 250 New Hotels in USA in 2024
OYO Targets 250 New Hotels in USA in 2024

OYO made its debut in the US market in 2019 and has since established a presence in more than 35 states. Now, OYO revealed that its operations in the United States are set to undergo a significant expansion, with plans to add more than 250 hotels by the end of 2024.

In the previous year, the global travel technology company successfully incorporated approximately 100 hotels, bringing the total count to over 320.

This growth strategy will target both new and existing markets, such as Miami, New York City, San Francisco, San Jose, Boston, New Jersey, Las Vegas, Los Angeles, Manchester, Orlando, and San Diego.

The latest report from the company shows that OYO has surpassed the growth of the budget hotel industry’s per room revenue in 2023. OYO experienced a growth of approximately 17% in per room revenue, while the budget hotel sector in the US saw a decline of 9% year-on-year in 2023, as per the STR report. In addition, occupancy rates at OYO hotels in the US increased by around 9% year-on-year in 2023, with the Average Room Rate (ARR) also showing a 7% growth compared to 2022.

OYO has recently revealed a new partnership with Stripe aimed at enhancing the payment process for both customers and hotel owners in the US. This collaboration will offer hotel owners a convenient and flexible solution for in-person payments through Stripe Terminal at their establishments. Furthermore, OYO hotels in the US will benefit from real-time payouts via Instant Payouts with Stripe, leading to improved cash flow.

OYO has recently introduced a virtual front desk solution for its partner hotels in the United States. This self-check-in technology is seamlessly integrated with smart lock systems, enabling guests to access their rooms without the need for physical key cards. The 24/7 virtual front desk, powered by ChatGPT, significantly reduces operational costs by approximately 60%, resulting in an annual saving of around $30,000 for an average OYO hotel. This virtual front desk is equipped to support more than 80 languages, providing prompt assistance to guests in their preferred language and addressing any concerns in real-time. Moreover, the system automates payment collection, simplifying the entire process for a hassle-free experience.

OYO has a global presence in more than 35 countries. In Europe, it operates a vacation home business known as OVH (OYO Vacation Homes), which includes well-known brands like DanCenter and Belvilla.

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