OYO to expand Townhouse hotels to 60 by end of 2017

OYO, India's largest and most innovative hospitality company will expand its Townhouse hotels to 60 from present five  by the end of 2017 with an investment of USD 10 million.

Talking to newsmen after the launch of its first Townhouse hotel in Hyderabad and fifth of the company portfolio here today, OYO  Founder and CEO Ritesh Agarwal said that the company would launch 60 Townhouse hotels across seven cities in South India by the end of 2017. Of them 25 Townhouse hotels would establish in Telangana. The Townhouse hotels would come up in Banjara Hills, Hitech City, Gachibowli and Panjagutta during the next three months. The rooms would be priced at Rs 2500 to Rs 3500, he said.

He said that the company had tie-up with 7000 hotels in 200 cities  with half million rooms capacity across the country. In Telangana, the company had tie up with 300 hotels with the rooms capacity of 8000.

Mr Ritesh said that the OYO company hotels occupancy rate here was  85 per cent, and  it was more than 15 per cent as compared to national average.

While explaining Townhouse hotel, Mr Hitesh said " OYO Townhouse's efficient hospitality and multi utility concept fits perfectly into this millennial lifestyle. It delivers a seamless experience through a format that operates as 25 per cent hotel, 25 per cent home, 25 per cent caf? and 25 per cent merchandise store in on place, providing a perfect compliment to our gusts' lifestyle".

He said that the hospitality industry  in India suffers from a major disconnect between demand and supply of quality living space, forcing travelers and city-dwellers to compromise on decision variables of location, comfort and pricing. OYO Townhouse addresses this gap by creating a perfect equilibrium between location, comport and pricing using  OYO's proprietary technology and skilled talent pool of hospitality experts. 

On business performance, Mr Ritesh said that the company was growing 2-3 times more as compared to last year. "Hyderabad's hotel market has the potential to expand further. We are exploring partnerships with hotels that are willing  to be transformed to OYO standards and come onto our platform", he added.