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Oyo parent Oravel Stays plans to open 25 premium hotels this fiscal
Economic Times
·
1y ago
Medial
OYO's parent company, Oravel Stays, has announced plans to expand its premium hotel portfolio with the opening of 25 new hotels under the brand name 'SUNDAY' this year. SUNDAY Hotels, a joint venture between Softbank Group and Oravel Stays, aims to launch these premium hotels in key travel destinations such as Gurgaon, Manesar, and Corbett. The company plans to cater to the needs of its guests by strategically selecting locations that offer convenient access to business districts, cultural landmarks, and entertainment hubs. Currently, SUNDAY Hotels operates three properties in Jaipur, Vadodara, and Chandigarh.
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OYO To Launch 13 Self-Operated Hotels Under Premium Brand ‘Palette’ This Year
Inc42
·
1y ago
Medial
Oravel Stays, the parent company of OYO, plans to open 13 self-operated hotels under the premium brand 'Palette' by the end of 2024. The company will start by opening a Palette hotel in Gujarat's Morbi, strategically located to serve business travelers in the area. The hotel will have 48 rooms and cater to the growing demand for premium accommodation in the region. This marks Oravel's expansion into the upscale hotel category, as it aims to further diversify its offerings. The move comes as OYO reported its second consecutive profitable quarter in Q3 FY24.
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SoftBank partners Oravel to check into premium hotels
Economic Times
·
1y ago
Medial
SoftBank is expanding its presence in the Indian hospitality sector by partnering with Oravel Stays, the parent company of Oyo hotels. The companies have established a joint venture called 'Mountainia' to open premium and five-star hotels under the 'Sunday' brand in tier two Indian cities. The first Sunday hotel has already opened in Jaipur, with plans for four more by the end of the year. SoftBank and Oyo aim to redefine the premium and luxury hotel experience in India, tapping into the growing demand for high-end offerings in non-metro and tier-2 cities.
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OYO Plans To Launch 25 SUNDAY Hotels
Inc42
·
1y ago
Medial
SUNDAY Hotels, a brand owned by OYO, aims to open 25 new hotels in India by March 2025, with immediate launches planned in Gurgaon, Manesar, and Corbett. The brand, which is a joint venture between SoftBank Group and Oravel Stays, has already launched hotels in Jaipur, Vadodara, and Chandigarh since its inception in May 2023.
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IPO-bound OYO seeks to rename parent firm to craft premium identity
YourStory
·
2m ago
Medial
OYO's founder, Ritesh Agarwal, is seeking new name suggestions for its parent company, Oravel Stays, as OYO prepares for an IPO and aims to offer more premium segment services. The name selection could potentially be used for a new premium hotels app. Agarwal invited suggestions via social media, emphasizing a bold, global, tech-forward name. The initiative includes a prize and a chance to meet Agarwal. OYO plans a significant presentation for SoftBank regarding its IPO ambitions.
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Nuvama Wealth acquires shares worth Rs 100 Cr in OYO via secondary market: Report
YourStory
·
7m ago
Medial
Nuvama Wealth and Investment Limited has acquired shares worth Rs 100 crore in OYO's parent firm Oravel Stays through a secondary market transaction. The share sale at Rs 53 apiece values OYO at $4.6 billion. Discussions with potential buyers for stake purchases at prices ranging between Rs 53-60 per share are at an advanced stage, potentially valuing OYO at up to $5.2 billion. OYO reported a net profit of around Rs 132 crore in Q1 FY 2025, a turnaround from the previous fiscal year's loss. Moody's Ratings has upgraded Oravel Stays' corporate family rating to B2 from B3.
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Oyo Hotels Seeks $450 Mn Bond Sale For Refinancing
Inc42
·
1y ago
Medial
Indian hospitality startup Oyo Hotels is reportedly planning to secure up to $450 million through dollar bonds to replace its existing high-cost loan and address delays in its stock-market debut. The company's parent company, Oravel Stays Ltd., is in talks with banks to raise funds for repayment. Oyo raised $660 million in term loan funding earlier this year and hopes to finalize the refinancing process by the third quarter of 2022. The move comes as Oyo aims to improve its financial health and reports a decrease in net loss despite business growth.
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Oyo eyes dollar bonds to refinance debt; Tatas, Pegatron take iPhone talks forward
VCCircle
·
1y ago
Medial
Oyo Hotels is reportedly considering raising $450 million through dollar bonds to refinance its debt and replace a high-cost loan. The Indian startup has faced delays in its stock market debut. Parent company Oravel Stays Ltd. is in talks with bankers for the bonds. In other news, the Tata Group and Pegatron are progressing discussions around iPhone manufacturing in India.
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OYO Eyes $200 Mn Funding To Power Its US Expansion Strategy
Inc42
·
9m ago
Medial
OYO's parent company, Oravel Stays, is in talks to raise funds from foreign institutional investors and private Indian investors at a valuation of around $4.5-$5 billion. The company is also looking to refinance $450 million of its outstanding debt. This comes after OYO secured $175 million in funding in August.
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SoftBank's Sumer Juneja to join Oyo board
Economic Times
·
1y ago
Medial
Sumer Juneja, Managing Partner at SoftBank Vision Fund, is set to join the board of OYO's parent company, Oravel Stays Ltd. The appointment, subject to shareholder approval, highlights SoftBank's support for OYO as it turns profitable. OYO reported its first profitable fiscal year in 2023-24, with net earnings of nearly Rs 100 crore. Juneja's appointment comes after the departure of Munish Varma, SoftBank's previous nominee on OYO's board. SoftBank is showing renewed interest in OYO and aims to boost its growth in international markets. Other board members include founder Ritesh Agarwal and executives from Lightspeed Venture Partners and Starbucks.
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Blackstone sells US motel chain G6 Hospitality to Oyo in $525 million all-cash deal
Economic Times
·
10m ago
Medial
Oravel Stays, the parent company of Oyo, has announced its acquisition of G6 Hospitality for $525 million in an all-cash transaction. G6 Hospitality is the franchisor for Motel 6 and Studio 6, and the deal includes the acquisition of the Studio 6 hotel brand as well. Oyo, which entered the US market in 2019, aims to strengthen its international presence with this acquisition. The CEO of Oyo International stated that Motel 6's strong brand recognition and financial profile, combined with Oyo's entrepreneurial spirit, will pave the way for the company's sustainable growth.
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