Travel tech unicorn OYO on Tuesday said it plans to invest 50 million pounds (Rs 539.57 crore) in the UK over the next three years, primarily to focus on expanding its premium hotel portfolio.The investment is expected to support 1,000 jobs over the next three years in the UK hospitality sector, OYO said in a statement.
In a significant strategic shift, OYO is actively pursuing premiumization of its UK portfolio, by pivoting towards premium inventory acquisition, focusing on securing long-term leasehold and management contracts.The company is also in advanced stage talks with several large hotel chains and real estate companies for potential asset management transactions.
“OYO’s investment in premium hotels will not only strengthen our tourism infrastructure, but back our ambitious ‘Showcase Britain’ initiative, helping to boost economic growth as part of our Plan for Change,” said the UK Minister for Investment Baroness Poppy Gustafsson OBE in the statement.