OYO Hotels & Homes, world’s third-largest and fastest-growing chain of hotels, homes and living, announced that it has partnered with Mountania Developers, a partner company, that has acquired a 64-suites building close to Ellis Bridge in Ahmedabad.
The SoftBank-backed firm will redesign the building right into a premium up market hotel, which might be operated under OYO brand to primarily cater to business travellers looking for a high-quality hospitality experience.
The building will bear an thrilling transformation to be completed later this year, post which we’ll formally open the doorways to this hotel under a brand new model name,” said Aditya Ghosh, CEO, India & SA, OYO Hotels & Homes.
OYO goals to offer customers a brand new, young and vibrant ambience to relax and rejuvenate while retaining true to its core promise of offering quality and comfortable stays.
Located within the vicinity of the airport and railway station, the building features designed wooden floored rooms with amenities including fashionable furniture, air conditioning, satellite TV, mini bar, telephone, wardrobe, and free Wi-Fi access.
For business travellers, the hotel aims to supply corporate-friendly services like lavish breakfast spread, complimentary airport pickup, mini fridge and tea coffee maker, and valet parking amongst others. The suites are categorised as Deluxe, Classic, and Presidential Suites.To cater to the conferences and banquet needs of the visitors, there are five Banquet Halls and Boardroom inside the premises and might be operated beneath OYO owned Weddingz.in brand.
The building will even sport a wellness centre that features spa and fitness center facilities to assist guests enjoy some downtime.
With this, the Ritesh Agarwal-led Indian hospitality unicorn is entering the four-star hotels segment in India.
Based on experiences, the acquisition price is claimed to be between Rs 35-40 crore.Commenting on the announcement, Aditya Ghosh, CEO, India & SA, OYO Hotels & Homes, said,
“I’m actually excited to announce the opening of our 64 suites up-scale hotel in Ahmedabad. This segment holds lots of promise for us given the fast development of the hospitality business over the previous few years. The worldwide upscale and luxurious resort market is predicted to witness large development and at OYO, we need to leverage this chance to allow our visitors to experience #Livingthegoodlife, even while travelling for business.”
Within the coming years, the worldwide luxury hotel market is anticipated to witness vital development.
The Gurugram-based agency is also eyeing to enter the five-star and seven-star accommodations categories. The hotel chain is in advanced talks close to 10 premium properties house owners, as per a Mint report.
SoftBank-backed Oyo Hotels & Homes has also reportedly acquired a four-star hotel Fortune Select Metropolitan Jaipur, which is managed by ITC Hotels for about Rs 40 crore.
Of late, OYO has been on an assets buying spree.Recently, OYO had purchased Hooters Casino Hotel in Las Vegas in August. The company has partnered with Highgate, which operates Hooters Hotel, to create its first key flagship within the metropolis. The transaction quantity of the deal was round $135 million.
Oyo had additionally dedicated $300 million to renovate properties in Europe. Three months ago, the hospitality firm had acquired Amsterdam-based @ Leisure Group from Axel Springer for an undisclosed amount.
Early this month, it acquired Danamica, a Copenhagen-based information science platform which is specialised in dynamic pricing. Danamica, has machine learning and business intelligence capabilities specialised in dynamic pricing, which will be leveraged across its vacation rental brands – Oyo Home, Belvilla and DanCenter.
OYO will work with Gurugram-based hospitality firm Mountania Developers, that will assist purchase the assets, while OYO leverages its core experience in property on-boarding, renovation, and redesigning.
Founded in 2013, OYO Hotels & Homes’ portfolio combines fully operated real estate comprising of more than 23,000 hotels and 125,000 vacation homes in more than 800 cities in 80 international locations, including the US, Europe, UK, India, China, Malaysia, Middle East, Indonesia, Philippines, and Japan.