OYO Hotels CEO Ritesh Agarwal and OYO Townhouse in Dallas, Texas (Credit: OYO Hotels and Getty Images)
The Indian startup company OYO Hotels & Homes plans to invest $300 million in the United States over the next few years, the company announced on Wednesday.
The firm currently has more than 50 hotels across 10 states and 35 cities, including Miami, Dallas and Atlanta. Its new investment will introduce it to cities like New York, Los Angeles and San Francisco. The money will also focus on issues like infrastructure development, talent and building competency.
OYO’s financial backers include the SoftBank Vision Fund and Airbnb, which made an investment rumored to be between $150 million and $200 million earlier this year. Marriott too invested in the company as part of its entrance into the home-sharing market. It has raised more than $1.5 billion from investors overall.
“As a full-scale hotel chain, we strive to bring real value to both owners and guests,” OYO founder and CEO Ritesh Agarwal said in a statement, “and we’re convinced there is unlimited potential for rapid growth in our newest home market, the United States.”
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