OYO Hotels and Homes reported its global sales grew by 4.3 times year-on-year in 2018, as it continued to expand around the world.
In a statement, the tech-based hospitality company said it had 458,000 rooms worldwide with a realized value run rate of $1.8 billion as of end-December 2018.
Oyo saw a surge in global stayed room nights (SRN) across its properties to 75 million in 2018, from 13 million SRN in 2017 and 6 million SRN in 2016. Properties under Oyo reported higher occupancy rates ranging from 25-65%.
“We marked our presence in a total of eight global markets in 2018 — a milestone for Oyo. We are optimistic that we will maintain this momentum in 2019 as we continue to redefine the hospitality experience around the world. We will continue to invest in technology, build long-term capabilities and onboard top talents to sustain this growth,” Abhishek Gupta, Oyo Hotels & Homes chief financial officer, said.
As of March 2019, OYO is present in more than 500 cities across 10 countries. In the Philippines, it has over 515,000 rooms under management.
