Global travel technology company OYO is planning to add more than 100 hotels in the U.S. in 2023, nearly double the number of hotels the company added to its portfolio in 2022.
The expansion strategy will focus on adding more hotels in Oregon, Washington, Texas, Oklahoma, Georgia and Florida, the company reports. Texas continues to be the largest and fastest-growing market for OYO in the U.S., while it also has a sizable concentration of hotels in Oregon, South and North Carolina, Florida and Georgia.
In 2022, the company saw an approximately 23% increase in new hotels added to its portfolio in the U.S. The company also recently onboarded properties including the Plaza on the Pike by OYO in Atlantic City, NJ; OYO Hotel Renton Bellevue in Seattle; Tulsa Square Hotel by OYO in Tulsa; and OYO Hotel Hermiston in Oregon.
“Our U.S. operations have seen significant growth in 2022,” said Gautam Swaroop, CEO, OYO International. “But 2023, may just be the best year for us. We are taking measures to add hotels in high RevPAR leisure markets such as the Pacific Northwest and will also focus on improving our presence along the East Coast. Over 15 hotels have already signed up with us so far in 2023 and we expect to add many more in the coming months.”
Nikhil Heda, head of business development, OYO USA, added, “We are excited by the response we are seeing in the market. Last year 35% of our new hotels came from recommendations or referrals by our existing hotel owners, indicating a growing trust in OYO’s demand and revenue generation capabilities. We are seeing growing demand coming in from both independent hotels as well as branded properties.”
OYO’s U.S. operations recently revealed that it had outpaced budget hotel segment growth in RevPAR with an 18% rise in 2022 versus 2019. The budget hotel segment in the meantime, grew by only 6% in the U.S.
