Japan: OYO Hotels Japan – a joint venture with the SoftBank Group – has launched its service, opening over 100 hotels across more than 50 cities.
SoftBank – a Tokyo-based technology conglomerate – invested nearly $1 billion in OYO. A person aware of the development said SoftBank and its Vision Fund will have a 50 per cent share in the venture.
Operations commenced in April this year, with Prasun Choudhary, an OYO founding member, spearheading the venture as the operating partner for OYO Hotels Japan.
Commenting on the announcement, Choudhary said: “We are very excited to launch hotel operations and extend our offering of good quality, beautifully designed, comfortable and ‘value-chic’ accommodations to domestic and international travellers in Japan. The 100+ milestone, in a span of 6 months, is a big moment for us and further fuels our passion to continue to drive growth across the country while delivering quality customer service and empowering asset owners to run a sustainable business.”
Founder and CEO of OYO, Ritesh Agarwal, said: “OYO was started with a simple belief that everyone deserves a beautiful living space. As the world’s second-largest hotel chain, we are focused on expanding our presence and offering great hospitality experiences to over 3.2 billion middle-income travellers in the world. The service launch with 100+ hotels in Japan is a step forward in that direction. We will continue to be invested in driving efficient growth in Japan and across the globe.”
The six-year-old company has a portfolio of more than 35,000 hotels and 125,000 holiday homes, totalling more than 1.2 million rooms across 80 countries and 800 cities.