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OYO to plot $300 million push into the U.S. market

2019-06-28 Tag: OYO

OYO ,OYO to plot 0 million push into the U.S. market

OYO Hotels & Homes, a lodging operator backed by SoftBank’s Vision Fund, is betting the same formula that fueled the company’s rapid growth in India and China can work in the U.S.

OYO, which opened its first U.S. hotel at the beginning of the year, plans to invest $300 million to expand in the country, Chief Executive Officer Ritesh Agarwal said in an interview. The company will use those funds to build out technology, design and operating teams and renovate properties. It’s adding hotels at the pace of one a day, and aims to expand its U.S. offerings at five times that rate by the end of the year.