On Thursday, March 16, hospitality giant OYO introduced an accelerator initiative that intends to expand its portfolio by more than 200 hotels across key Indian cities.
Cities like Bengaluru, Hyderabad, Chennai, Delhi, Gurugram, Noida, Mumbai, Kolkata, and Siliguri will all receive these new property expansions. In 2023, the hospitality unicorn intends to intensify its efforts in order to expand the reach of its upscale hotel brands, including Townhouse Oak, OYO Townhouse, Collection O, and Capital O.
Throughout the course of the current year, OYO will enroll 30 "small and first-generation hotels" in the accelerator program in order to assist them in scaling their operations. The initiative will offer these aspiring business owners financial support and mentoring.
“OYO’s accelerator program will provide financial assistance, access to a pan India network of over 15,000 corporate accounts and 10,000+ travel agents, mentorship & guidance, dedicated relationship managers, and active monitoring of hotel level dynamic pricing…OYO is also helping them achieve long-term profitability,” the company said in a statement.
According to OYO, the accelerator initiative's trial phase has already begun, and two hoteliers have joined in Hyderabad, one in Kolkata, and one in Delhi. Together, these four aspiring hoteliers run more than 50 establishments in the three cities.
The newly onboarded hotel chains include Hyderabad’s De Alphabets Group of Hotels and Delhi’s Hotel Hospitality.
“We come across many hoteliers whose aspiration for growth and their business acumen far exceeds the capital and resources available to them…However, we realized that we will be able to encourage many more such hoteliers if we provide special focus to this initiative and move in a planned and targeted manner to help many more such small entrepreneurs,” said OYO’s chief merchant officer Anuj Tejpal.