We are thrilled and excited to bring our innovative value proposition to Spain which offers a combination of design, hospitality, and technological expertise, financial acumen and operational capabilities to real estate owners. In just a period of 12 months, we have added over 100 hotels to our chain in the country with 2,000 rooms. We are proud to have hosted nearly 300,000 guests in the country at our hotels in 2019. Today, you can find OYO hotels in cities such as Madrid, Granada, Valencia, San Sebastián, Córdoba, Tarragona, Cuenca, Las Palmas de Gran Canaria, Santiago de Compostela and Salamanca.
In recent months, we have undertaken a restructuring process, with the objective of running a sustainable business with a focus on financial prudence, and strong business fundamentals, and improving overall operational efficiencies, key for the company as it moves forward in the path profitability. As part of this realignment process, we had to make decisions such as the relocation of different employees in other business divisions of the company. Understanding the local nuances and backed by a seasoned workforce, we are now witnessing a strong growth trajectory and working towards maintaining this momentum while delivering a high-quality experience to guests and increased yields for asset owners.
Working with asset owners to meet the expectations of guests
Our process of identifying and selecting hotels is a fundamental phase that is established around strict criteria of quality and suitability. We have invested heavily in four key competencies, including identifying and onboarding strategic properties, renovating and upgrading living spaces by leveraging the design, generating sustained demand across offline and online channels and providing an immersive technology that redefines the hospitality experience at every customer and hotel owner.
Thereby, OYO Hotels is focused on not only helping small independent hotels in being as competitive as possible but also on becoming one of the most beloved brands for travellers worldwide. In fact, OYO is characterized by offering its guests a standardized experience, adapted to the needs of millennials travellers looking for quality and affordable accommodation. Guests who select OYO Hotels know they will have a good and trusted accommodation no matter where they are.
Kavikrut, Chief Growth Officer at OYO Hotels & Homes, appreciates the company’s presence in the Spanish market and states, “Spain is one of the most relevant tourist destinations internationally, accommodating 82 million tourists from around the world in the last year. Spain presents itself as a great opportunity for OYO and we are delighted to be able to offer an affordable, uncomplicated and quality experience and to leverage the business of the country’s independent hotel sector with our technology and operational expertise, which will help improve the customer experience and therefore generate higher revenues for our real estate partners. In 2020, the company will continue to move towards good and sustainable growth with further improvement in customer service, fair margins and partner experience.”
Kavikrut further adds that “Spain is a very mature market” and that “OYO’s business vision and technological prowess are ideal for a large number of independent hotels that may have the advantages of being under a large chain but without losing control of and decision making power for their hotels”.
Tobias Jörk, Country Manager, Spain for OYO Hotels: “This is one of the most dynamic hospitality markets in the world. We want to become the trusted partner of independent hotels across the country with more than 100 hotels. We are confident that our bespoke technology and operational expertise bring real value to both hotel owners and clients. The team and I are very happy to work in such a potential market”.
It’s been a year full of hard work, hosting thousands of guests at our hotels in Spain, building a sustainable business ground’s up. And it has passed by in no time leaving us with new learnings for years to come.
As we always say, it’s still Day 0! We are only getting started.