Indonesia: Indian hospitality chain OYO has strengthened its presence in Indonesia by investing $100 million to boost its operations.
Launched in October last year, the company started its operations in Indonesia with 30 full-inventory-franchised exclusive hotels and 1,000 rooms in Jakarta, Surabaya, and Palembang. This has grown five times in just three months, to more than 4,100 rooms from more than 150 hotels in 16 cities. The company now aims to expand to 100 cities by the end of the year, said founder Ritesh Agarwal.
The company is eyeing expansion in 35 cities in Indonesia from the beginning of 2019.
Agarwal said: “We intend to invest over $100 Mn (INR 711 Cr) in this high-growth market and plan to expand our presence to the top 100 cities in Indonesia, including Yogyakarta, Bandung, Surabaya that we recently entered and breaking into Bali over the next 11 months.”
Oyo has a strong presence in India and China. In India, it has over 8,700 leased and franchised hotels, and more than 1.64 lakh rooms. In China, it has inventory of more than 1.8 lakh rooms in a year.
In March it bought Chennai-Based serviced apartment company Novascotia Boutique Homes.
