Budget-hotel chain OYO has announced the launch of OYO Home, a home management service that utilises the company's existing on-ground operations, hospitality technology, housekeeping skills, revenue management algorithms and distribution prowess to deliver a hassle-free solution to second home-owners.
Piloted in December 2016, the team intends to focus on locked and unused homes across top holiday destinations.
"Home owners are unable to utilise these assets because there is no trusted maintenance and management partner," said Kavikrut, Chief Growth Officer, OYO.
He added that the sector has a significant market opportunity especially as people have invested in second homes in top holiday destinations across India.
"In Goa alone, the supply of housing has increased by 25 percent from 2001 to 2011, while the population increased by eight percent in the same period," added Kavikrut.
"India's top holiday destinations have a sizeable number of homes that are locked and unutilised. Homeowners are unable to put these assets to personal or commercial use due to lack of time and-or expertise in homestay-management. We saw this as an untapped opportunity where our business has existing synergies," he added.
OYO, however, is known for standardized and transformed hotel rooms to deliver a hassle-free experience to guests. It established the use of technology in budget-hotel operations and created a new kind of a hospitality company.
Recently, the company introduced OYO Captains, a unique concierge service to ensure smooth travelling and on-stay experience. OYO currently operates over 70,000 rooms in 230 cities in India, Malaysia and Nepal.
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