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