OYO Hotels raised $1 billion funding through SoftBank Investment Advisers last month
South Asian hospitality chain OYO Hotels plans to have 12,000 rooms in 150 UAE hotels by 2020, the company announced.
In a statement, the company announced that it will begin operations in Dubai, Sharjah and Fujairah before expanding into the UAE's other emirates.
The company said it will have ten franchised and operated hotels, with a combined total of 1,100 rooms across the UAE.
Last month, the company raised $1 billion in funding through SoftBank Investment Advisers. It is currently present in over 350 cities around the world, with more than 12,000 asset partners in countries including India, China, Malaysia, Nepal and the UK.
“With over 170 countries committing to the World Expo 2020, the hospitality sector in the Middle East, and more specifically UAE, is poised to grow substantially and with our market learnings and expertise we are ready to tap this opportunity,” said OYO Hotels founder and CEO Ritesh Agarwal.
“We’ve been at the forefront of the budget and mid-segment hotels revolution in the markets we operate in and can bring in our operational expertise and technology edge to the benefit of independent hotel owners,” he added.
OYO Hotels’ – which was originally launched in 2013 - properties will be operated under franchise models, with full inventory control similar to other markets such as India and China. The brand currently has more than 270,000 franchised and leased rooms.
Vartika Goel, OYO’s UAE country leader, said that the country “is an attractive market with sizeable internet and mobile presence, which complements our approach.”
“We’ve received an overwhelming response to OYO Hotels offerings in the country since our soft launch and look forward to hosting more guests in the coming years,” she added.
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