Curated News
By: NewsRamp Editorial Staff
December 09, 2024
OYO Sees 16% Jump in US Summer Booking Revenue, Expands Presence with Motel 6 Acquisition
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- OYO's 16% increase in US summer booking revenue outperforms the broader economy hotel segment, offering a competitive advantage.
- OYO's technology platform and online demand generation expertise drive a 15% increase in US hotel bookings, enhancing the guest experience.
- OYO's expansion and acquisition of Motel 6 and Studio 6 brands bring affordable and trusted accommodation to customers, contributing to a better world.
- OYO's impressive performance in the US market and its plans for expansion make for an interesting trend in the global hospitality industry.
Impact - Why it Matters
OYO's impressive performance and expansion into the US market signifies a shift in consumer preference for value-driven accommodations. The acquisition of Motel 6 and Studio 6 brands will further strengthen OYO's presence and drive continued financial growth, impacting the hospitality industry and providing customers with more affordable, trusted accommodation options.
Summary
Global hospitality technology company OYO reported a 16% increase in summer booking revenue (June to August) in the US compared to last year, according to STR, significantly outperforming the broader economy hotel segment that experienced a 2% decline, underlining its growing footprint in the world’s largest hotel market. The growth was primarily driven by a 15% increase in bookings across OYO hotels in the US. The company saw particularly robust performance in the Midwest and Northeast regions, recording 46% and 44% growth in booking revenue respectively, substantially outpacing the market growth of 22% and 24%.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, OYO Sees 16% Jump in US Summer Booking Revenue, Expands Presence with Motel 6 Acquisition
