Budget hospitality chain OYO announced the acquisition of Chennai based service apartment company - Novascotia Boutique Homes to strengthen its deep operational expertise in delighting corporate customers and reiterating its focus on creating India's largest corporate service brand.
It is the first in a series of acquisitions, collaborations, innovations and launches for OYO, all of which are aimed at creating a strong and sustainable ecosystem for entrepreneurs, hotel partners, asset-owners and travellers.
"The acquisition forms an integral part of our inorganic growth plan, in line with our ambition to create beautiful and quality living spaces and adding value to every form of real estate. OYO is poised to deliver 180,000 keys by the end of 2018 and with Novascotia's Strength, we will be adding service apartments to our existing portfolio - which includes budget rooms, OYO Townhouse, OYO Home, enabling us to offer a wide range of choices to our customers," said OYO founder and CEO, Ritesh Agarwal.
With this acquisition, OYO will bring its distribution, operational, transformational and technological capabilities on board for offering corporate travellers quality accommodation options with complete focus on privacy, safety and home-like care. The acquisition will boost OYO's portfolio by 350 exclusive rooms across locations where Novascotia has its footprints further strengthening OYO's position as the largest full stack hospitality tech company in India.
Post the acquisition, OYO plans to expand Novascotia's offerings to 12 cities by the end of 2018, in addition to the latter's existing properties in Chennai, Coimbatore, Hyderabad, Kochi and Trivandrum.
OYO works in close proximity with hotel partners through multiple operating formats and currently, over 95 percent of their business is being driven by exclusive full inventory partnerships. The company has developed capabilities to add up to 10,000 rooms per month and will end the year with 180,000 keys, and aims to serve customers through their existing brands - OYO Rooms, OYO Townhouse and OYO Home.
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