OYO Hotels & Homes has entered into a joint venture with SoftBank Corp and SoftBank Vision Fund to launch OYO Hotels Japan, which will be led by operating partner Prasun Choudhary.
With OYO Hotels Japan, OYO aims to harness its business model and technology-led operational capabilities to offer convenient accommodations to travellers and guests in Japan, as well as create increased business opportunities for its partners. OYO Hotels Japan aims to empower small and independent asset owners in Japan with its transformation capabilities and integrated hotel/ryokan management system powered by advanced AI technology that will help owners improve both their efficiency and profitability.
Ritesh Agarwal, group CEO and founder of OYO said the company is “thrilled” to be empowering Japan’s independent hoteliers with the latest technology innovations. He added that with OYO Hotels Japan, the company will be focused on creating unique hospitality experiences for both domestic and international travellers in Japan.
Ken Miyauchi, president and CEO of SoftBank Corp said: “OYO Hotels Japan offers various values for owners such as dynamic pricing and reservation systems, contributing to the elimination of labour shortages and flexible pricing. We are sure that OYO Hotel Japan will contribute to the revitalisation of the travel market including inbound tourism and regional revitalisation in Japan.”
Separately, OYO has also received an investment from Airbnb between approximately US$100 million to US$200 million, according to multiple media reports including CNN Business and the New Straits Times.
In a statement to A+M, Maninder Gulati, global chief strategy officer at OYO said it is happy to have Airbnb as its partner, and that the partnership drives its OYO’s vision of creating great quality living spaces around the world.
“Airbnb’s strong global footprints and access to local communities will open up new opportunities for OYO Hotels & Homes to strengthen and grow while staying true to our core value proposition. We’re excited by the possibilities and committed to bringing benefits to the millions of travellers who can now rely on Airbnb and OYO Hotels & Homes to find a home away from home,” said Gulati.