OYO’s US Hotels Per Room Revenue Grows 46% Since Covid
Dallas, Texas, United States
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January 23, 2023 06:30 AM Eastern Standard Time
June, July, August recorded strongest uplift in per room revenue at 64% vs same period in 2020
Coastal Oregon, Miami, Myrtle beach, Houston and San Antonio saw highest RevPar in 2022 for OYO US
Global travel technology company, OYO’s US operations ended 2022 on a high with a 46% increase since Covid in revenue per available room for its hotels (RevPar). While the increase in RevPar was higher throughout 2022, when compared to the Covid lows of 2020, the strongest uplift in per room revenue, at 64%, was recorded during the peak season months of June, July, August vs the same period in 2020. This growth was consistently strong with even during the low season months of November and December showing 53% increase vs the same period in 2020.
For OYO US, coastal Oregon, Miami, Myrtle beach, Houston and San Antonio emerged as the destinations with highest RevPar in 2022. Travel recovery was largely led by domestic travel in the US. According to OYO’s data Sumter, Niagara Falls, Brownsville, Columbia & Yuma emerged as top domestic destinations with the best Y-o-Y growth (vs 2021).
Talking about the recovery, Gautam Swaroop, CEO OYO International said, “We are seeing a steady rise in per room revenue throughout 2022, with even shoulder season (September, October) outperforming and witnessing a 44% rise vs Covid. While many experts and industry watchers touted that the industry will bounce back to normalcy only by 2025, we are seeing consistent growth and uptick in bookings. Like most markets around the globe domestic tourism has fuelled growth in many of the popular tourist destinations like the Niagara Falls. Travel industry has truly shifted gears in 2022 and this recovery is only a precursor to a ‘sold-out’ 2023.”
OYO offers hotels access to a large base of regular customers through its app and website, and also lists hotels on multiple Online Travel Agents (OTAs) to boost booking demand and, therefore, revenue. OYO’s best-in-class Artificial Intelligence-enabled pricing software automatically drives the best booking prices across all channels, based on room type, seasonality and other factors, therefore, enabling such doubling of revenues.
The company also helps ensure great experience for customers, with ease of search and quick booking experience, highly competitive room prices, automated tools such as Artificial Intelligence powered chatbots to quickly resolve customer queries, loyalty programmes and easy refund, if needed.
OYO recently released its annual travel index Travelopedia 2022. According to the data, Texas is the most travelled state in 2022 for OYO customers. Houston, St. Louis Missouri, Markham, Durham (North Carolina) and Oklahoma City were the most booked destinations in the USA. Houston, San Antonio, Oklahoma City, Tulsa, and Jackson were the most booked business travel destinations in 2022.
About OYO
OYO is a global platform that aims to empower entrepreneurs and small businesses with hotels and homes by providing full-stack technology products and services that aim to increase revenue and ease operations; bringing easy-to-book, affordable, and trusted accommodation to customers around the world. OYO offers 40+ integrated products and solutions to patrons who operate over 168,711 hotel and home storefronts in more than 35 countries including India, Europe and Southeast Asia, as of September 30, 2022. For more information, visit www.oyorooms.com.
Disclaimer: Oravel Stays Limited is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its equity shares (the “Equity Shares”) and has filed the Draft Red Herring Prospectus (“DRHP”) with the Securities and Exchange Board of India (“SEBI”).
The DRHP is available on the website of SEBI at www.sebi.gov.in, websites of the Stock Exchanges, i.e., BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively, and is available on the websites of the Global Coordinators and Book Running Lead Managers, i.e., Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited and Citigroup Global Markets India Private Limited at www.investmentbank.kotak.com, www.jpmipl.com and www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm; the websites of the Book Running Lead Managers, i.e., ICICI Securities Limited, Nomura Financial Advisory and Securities (India) Private Limited, JM Financial Limited and Deutsche Equities India Private Limited at www.icicisecurities.com, www.nomuraholdings.com/company/group/asia/india/index.html, www.jmfl.com and www.db.com/India, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, refer to the Red Herring Prospectus which may be filed with the Registrar of Companies in the future, including the section titled “Risk Factors”. Potential investors should not rely on the DRHP filed with SEBI for making any investment decision. The Equity Shares offered in the Fresh Issue (as defined in the DRHP) and the Offer for Sale (as defined in the DRHP) have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and, may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the Equity Shares are only being offered and sold (i) within the United States only to “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) in transactions exempt from, or not subject to, the registration requirements under the Securities Act, and (ii) outside the United States in offshore transactions in reliance on Regulation S under the Securities Act and pursuant to the applicable laws of the jurisdictions where those offers and sales are made. There will be no public offering of the Equity Shares in the United States.
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