Ritesh Agarwal-founded hospitality firm OYO has now set its foot in Mexico, expanding its list of international destinations where the company operates.
Ritesh Agarwal-founded hospitality firm OYO has now set its foot in Mexico, expanding its list of international destinations where the company operates. OYO has expanded in Mexico as a part of its plan to ramp up operations in the Latin American market, PTI reported citing unidentified sources. “Mexico, being an emerging tourist destination, is surely on the cards. However, we can’t confirm this at the moment,” Abhinav Sinha, Global COO, OYO Hotels and Homes, said in a statement. The company spokesperson declined to confirm the news or comment further. OYO has started its Mexico operations with over ten hotels, the news agency reported, adding that the move will help the company in getting a strong foothold in the Latin American markets.
Operating in 80 countries, including the US, Europe, UK, India, Malaysia, Middle East, Indonesia, Philippines, and Japan, OYO has long been on an expansion spree. Recently, OYO had also expanded in the US market and partnered with hospitality investment and management company Highgate. The company signed a deal to acquire Hooters Casino in the US, which will now be rechristened as OYO Hotel & Casino in Las Vegas, US. Reportedly, the company shelled $135 million for the acquisition. In June this year, Oyo had announced that it was investing $300 million to increase the number of hotels in the United States.
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Recently, OYO Hotels and Homes also acquired Denmark-based data science company Danamica to boost its vacation rentals business globally. OYO had also acquired vacation rental company Leisure Group which is based in Amsterdam. Before this, OYO had acquired a China-based mid-tier hotel chain called Qianyu Islands.
Started in 2013, OYO is now the biggest Indian hotel chain. The company now has over 23,000 hotels and 125,000 vacation homes in over 800 cities, spread across the globe. The company is also one of the unicorn firms of India.