OYO Hotels and Homes, in an effort to expand operations and offer better hospitality services, announced on Wednesday that it will invest Rs 100 crore in Visakhapatnam. Launched in the port city in 2016, OYO is reportedly aiming to invest the whopping sum towards capex, infrastructure, and talent segments in the city.
In a release by OYO, the company’s CEO-India and South Asia, Aditya Ghosh said that Visakhapatnam, which is the largest city and the biggest economic hub of Andhra Pradesh, is a key market for OYO. Expanding its business in the city, the company reportedly plans to have at least 10 OYO townhouses in Visakhapatnam by the end of 2019. Mr. Ghosh said that the company is looking to tap the tourism potential of not just Visakhapatnam but the whole of Andhra Pradesh. He also added that they aim at creating direct and indirect employment opportunities for 5,500 hospitality professionals in Andhra Pradesh.
As informed by Mr. Ghosh, the company has been helping its partners to realise their business goals and increase occupancy and yield. “In the coming year, we aim at strengthening these partnerships and supporting the state’s vision while continuously creating and delivering outstanding opportunities for business growth, fostering all-round socio-economic development for the State and its people,” he was quoted as saying.
OYO currently has 1,950 rooms in 100 hotels in Visakhapatnam whereas it manages about 6,300 rooms in 289 hotels across the State.