OYO acquires Denmark-based holiday home operator Bornholmske Feriehuse
NEW DELHI: Travel and hospitality technology platform OYO on Tuesday said it has acquired Denmark-based holiday home operator Bornholmske Feriehuse for an undisclosed sum. Based out of Bornholm island in Denmark, Bornholmske Feriehuse has 737 holiday homes spread over 30 holiday parks on its platform and expects to clock more than 2.5 lakh guest nights […]
Exclusive: SoftBank partners with India’s Oyo in Latam in move for more oversight
By Carolina Mandl, Aditi Shah and Anirban Sen SAO PAULO/NEW DELHI/BENGALURU: SoftBank Group is taking a direct role in managing its virus-hit hospitality startup Oyo’s operations in Latin America through a joint venture which will control all hotels in the region, the head of Oyo Brazil told Reuters in an interview on Friday. SoftBank, the […]
OYO suspends payment of monthly revenue to hotels; invokes force majeure
NEW DELHI: Hospitality firm OYO said it is suspending payment of monthly benchmark revenue to its hotel partners as it is finding impossible to discharge its obligations under the master service agreement due to Covid-19 pandemic. In light of this pandemic and various restrictions issued by the governmental authorities, your hotel’s revenue has been significantly […]
Oyo dismisses thousands of its employees in India, China
NEW DELHI: Ritesh Agarwal-led Indian hospitality unicorn Oyo, currently the second top unicorn after Paytm and valued at nearly $10 billion in the country, has acted tough by laying off thousands of employees in India and China, after Japanese giant SoftBank tightened its noose around it. According to Asia Times, the company has let go […]
Delhi High Court restrains hoteliers associations from boycotting OYO
NEW DELHI: The Delhi High Court has restrained various hoteliers welfare associations from issuing any notices or boycotting and banning hospitality company OYO. The court, in an interim order, said it appeared that the act of hotelier associations was pushing other hoteliers and service providers to act in breach of contract between them and Oravel […]
Airbnb invests $200 million in OYO for Indian mart
NEW DELHI: SoftBank-backed OYO has raised funding from the US-based online accommodation platform Airbnb, a move that will provide the Indian hospitality chain more ammunition to stren-gthen its presence in the Indian and global markets. The investment details were, however, not disclosed. According to sources, Airbnb is pumping in between $100-200 million (about Rs 690-Rs […]
Boycott of bookings by hotels will invite legal action: OYO
NEW DELHI: Hospitality firm OYO on Thursday said it would take strict legal action for breach of contract against any hotel on its platform that boycotts bookings under the influence of small vested interest groups. Most of the boycott threats are being made by small groups of people who have no property associated with OYO, […]
OYO appoints Rohit Kapoor as CEO of new real estate business
NEW DELHI: Hospitality firm OYO on Tuesday said it has appointed Max Healthcare Executive Director Rohit Kapoor as the chief executive officer (CEO) of its new real estate businesses, effective 6 December. Kapoor will be entrusted with the responsibility to drive new real estate business opportunities which will include exploring new domains and categories and […]
OYO expands international presence, forays into Indonesia
NEW DELHI: Hospitality firm OYO has forayed into Indonesia. The company will also invest over $100 million in the country as part of its expansion in Southeast Asia. Starting operations with over 30 exclusive hotels and more than 1,000 rooms in three cities — Jakarta, Surabaya and Palembang — the company is ready to offer […]