Oyo will be the world’s largest ho­tel chain by 2023: Agar­wal

Mint ST - - CORPORATE -

New Delhi: Oyo Ho­tels, the fiveyear-old startup for book­ing ho­tel rooms, is aim­ing to be­come the world’s largest ho­tel chain by

2023 as it ex­pands into newer coun­tries in the Mid­dle East,

South East Asia and Europe, its founder Ritesh Agar­wal said.

In In­dia, it op­er­ates in over 180 cities with 143,000 rooms. In

China, it has ex­panded to over

265 cities with 180,000 rooms.

“Our belief is that if we just keep open­ing 50,000 keys a month, then by 2023 we would have opened roughly 2.5 mil­lion more rooms, which will be at least 2 times of what the world’s largest ho­tel chain is to­day,” Agar­wal told PTI in an in­ter­view. PTI of Jet Air­ways have plunged more than 66% to ₹278.20.

In Oc­to­ber, rat­ing agency Icra down­graded Jet Air­ways’ credit rat­ing to ‘B’, which is as­signed to loan fa­cil­i­ties with a high risk of de­fault.

The wors­en­ing credit pro­file has made it vir­tu­ally im­pos­si­ble for the com­pany to raise fresh loans.

“Eti­had’s of­fer comes with a rider,” said the sec­ond per­son cited above. “It also wants Jet’s do­mes­tic lenders to si­mul­ta­ne­ously in­crease lim­its for Jet’s loans. Some of Jet Air­ways’ big­gest lenders, mainly pub­lic sec­tor banks, have been sounded off by Eti­had and Jet,” the per­son said adding that “the do­mes­tic lenders are yet to come back with a firm com­mit­ment”.

Mint re­ported in Au­gust that Jet Air­ways has writ­ten to

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