Hospitality giant, OYO, has announced its plan to invest £50 million in the United Kingdom (UK) over the next three years, creating over 1000 jobs. As the company wish to expand beyond India, OYO plans to increase its portfolio of premium hotels and secure long-term leasehold and management contracts.
While highlighting the company's growth, Puneet Yadav, Country Head of OYO UK, said, "Over the years, we have grown our portfolio to over 200 properties across 65 cities, establishing a strong foothold in the region. While we continue to serve the budget market, we are now looking to expand through leasehold agreements and management contracts with premium properties." "Furthermore, the company wishes to introduce several of its renowned European brands to the UK market, expanding its offerings," added Yadav.
Presently, OYO's portfolio in the UK consists primarily of affordable hotels in main cities, including London, Manchester, Birmingham, Cardiff, and Brighton.
The investment announcement coincided with Nasscom's UK delegation, organised by the UK's Department of Business and Trade. Rajesh Nambiar, President of Nasscom, said, "Proud to see tech startups like OYO strengthening trade ties between both the nations, playing a crucial role in increasing bilateral trade from $42 billion to $50 billion and beyond. By building on the legacy of excellence set by the Indian IT industry and tech startups in the UK, this exemplifies the next wave of India's entrepreneurial impact on the world stage."
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