14th February 2023: Global travel technology company, OYO’s UK operations announced that it has added 40 hotels to its platform and doubled its revenue in 2022 vs 2021. OYO’s network hotels also saw a 50% jump in revenue per available room (RevPar) vs 2021 and a 110% jump in revenue per available room vs Covid (2020).
OYO now has 150+ small hotels in over 65 cities in its network in the UK. It has added new hotels in Otterburn, Folkestone, Worcester, Swansea, Crewe, Kidderminster, Solihull, Peterhead & Boston.
Talking about the expansion, Puneet Yadav, Country Head – OYO UK said, “We have been witnessing high interest from existing hotel owners in our portfolio who want to operate more hotels with us, as well as a lot of hotels in highly competitive cities such as London. Our revenue uplift track record, low hassle while joining OYO and highly tech-enabled operations and customer care support have been the key drivers of this interest.”
Talking about the development Gautam Swaroop, CEO OYO International said, “OYO’s UK operations have made full recovery since Covid and we have seen handsome growth both in revenue and RevPar. OYO’s AI & ML driven dynamic pricing engine continuously optimizes prices for each hotel to improve tariffs while increasing occupancy, which results in higher RevPars for our partner hotels. For instance, in the last 4 years, OYO’s pricing engine, has done over 11 million price modifications in the UK market. In addition, top-of-the-line revenue management solution, strategic partnership with bed banks like HotelBeds and introductions of data-driven demand intelligence via PredictHQ, have been instrumental as we help small hotel businesses realise their full potential.
Our consumers have never been more satisfied with Guest Satisfaction scores at 85%, a 100% improvement in the last two years. Our average issue resolution time is under 3 hours. We have invested in technology to improve our customer satisfaction. Nearly 75% of queries are resolved directly by Yo!Chat - our award winning chatbot and by our fully self-serve IVR menu.”
OYO empowers hotels by boosting demand and in turn increasing revenue via multiple Online Travel Agents (OTAs) & its own website and app. 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 automated tools such as Artificial Intelligence powered chatbots to quickly resolve customer queries, loyalty programmes and easy refund if needed.
Recently, OYO it's in annual global travel trends index said that London, Plymouth, Middlesbrough, Leicester, and Brighton are UK’s favourite holiday destinations of 2022 according to OYO data. Cities of Plymouth, Brighton, Hanwell, and Newquay saw the highest y-o-y growth in 2022 vs. 2021. OYO’s business travellers went to cities of London, Manchester and Leicester for work-related travel. In 2022 OYO UK observed a 34% uptick in booking demand for the Christmas and upcoming New Year's Eve in comparison to 2021.
OYO has presence in over 35 countries globally. It owns a vacations home business in EU called OVH which operates legacy brands such as DanCenter and Belvilla.
