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Expansion of the Hotel Network in Bali, OYO Inject Investment of Rp 419 Billion
The company injected an investment of US $ 30 million or around Rp 419 billion to expand there while reaching a wider customer base.
The digital hotel booking platform from India, OYO Hotels & Homes , will expand the hotel chain business in Bali. The company injected an investment of US $ 30 million or around Rp 419 billion to expand there while reaching a wider customer base.
OYO Hotels & Homes Founder & Group CEO, Ritesh Agrawal rate, Bali as an icon of Indonesian tourism is a very potential market for the company’s business development.
“Indonesia is one of the priority markets for OYO, especially Bali. We also specifically allocated an investment of US $ 30 million to encourage the transformation of the hotel industry in Bali, “he said through a press release, Thursday (12/9).
Through this investment, OYO will help hotel owners develop their property business. Not only with competitive prices, but also with good quality standards so that it can provide a new experience for tourists visiting Bali and using its services.
OYO Hotels & Homes Indonesia Country Head Rishabh Gupta revealed the reason the company chose Bali as an area of expansion and investment, because about 43% of the number of foreign tourists visiting Indonesia, chose the Island of the Gods as a tourist destination.
That also led to the hotel or hospitality business flourishing there. Data from the Central Statistics Agency (BPS) shows that there are around 551 starred hotels in Bali, comprising 61% of hotels 1 to 3 in 2017.
As for now, there are 105 hotels with 1,034 rooms, which according to him have joined the OYO hotel chain in Bali. As of August 2019, OYO hotel occupancy rates there reached 65-70%, with an average booking occurring every 1 minute. As the pioneer of the world’s first technology – based full-stack hospitality business model , he hopes OYO’s presence will advance the hospitality industry.
“To be able to succeed in such intense competition, you need the ability to map solutions, potentials, and challenges in the local industry,” he said.
OYO is listed as one of the startups that began operating in Indonesia since October 2018. The company claims to be the third largest hotel chain company in the world and the largest in Indonesia based on the number of rooms provided. Initially appearing in Indonesia, OYO took 30 properties in three cities, namely Jakarta, Surabaya and Palembang. In less than 10 months, the company said that it had recorded growth of up to 30 times.