New Delhi, Jan 28 (PTI) Hospitality firm OYO has said it is planning to invest over USD 100 million (around Rs 711 crore) in Indonesia over the next five years to expand its presence across the country.Also Read - 61 Percent Indian Travellers Prefer to Go Local And Explore Domestic Destinations: Survey
The company is adding 70 hotels every month to its chain in Indonesia and is looking at closing 2019 with presence in 100 cities in the Southeast Asian country, OYO said in a statement. Also Read - Indonesia's Strong Earthquake Causes Massive Damage, 2 Injured
“We intend to invest over USD 100 million in this high-growth market and plan to expand our presence to the top-100 cities in Indonesia, including Yogyakarta, Bandung, Surabaya that we recently entered, and break into Bali over the next 11 months,” OYO Hotels and Homes Founder and Group Chief Executive Officer Ritesh Agarwal said. Also Read - Terrifying Viral Video Shows Man Hit by Lightning Strike, Miraculously Survives | Watch
Indonesia’s hotel market is characterised by a demand-supply imbalance of quality living spaces, and OYO since the launch in the country has utilised its tech, operations, onboarding and transformational capabilities while creating an equilibrium between these factors, the hospitality firm said.
OYO is currently operating 150 hotels across 16 cities in Indonesia.
This is published unedited from the PTI feed.