Oyo buys Jaipur hotel from Emaar Group

SoftBank-backed Oyo Hotels & Homes has acquired Fortune Select Metropolitan Jaipur, currently managed by ITC Hotels, as part of its plans to enter the four-star segment currently dominated by marquee Indian and international hotel chains. Oyo has acquired the Jaipur fourstar property from the Emaar Group, people familiar with the matter said. The hotel was sold to Oyo for about Rs 35-40 crore, they said. An Emaar spokesperson said the company does not wish to comment on any prospective transaction till it is consummated.