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OYO Plans to Repay Debt Prior to IPO

Alan Woinski
November 16th, 2023 at 7:22 AM EST

Skift Take

  • IHG Hotels & Resorts ventures into Thailand’s Golden Triangle with luxury properties, while Courtyard by Marriott Bangkok undergoes extensive renovations. Six Senses opens a new resort in the Maldives, and Accor expands its portfolio across the Pacific region.
  • OYO plans to alleviate debt through a buyback process before its long-anticipated IPO, while Indian Hotels Company inaugurates Ginger Mumbai Airport and Sarovar Hotels & Resorts debuts in Gujarat.
  • Atmosphere Core introduces new hires and strategic shifts in the Maldives, emphasizing culinary strategies and upcoming projects across various brands and locations.

STR reported China lodging data for the week ended November 11th. China hotel RevPAR was up 50% for the week, year over year, up against a +17.5% comp in the year ago. When compared with the same week in 2019, RevPAR was down -11.7%.

IHG Hotels & Resorts and Asset World Corp Public Company Limited extended their long-standing partnership with a new agreement to open two new luxury hotels in Chiang Rai, Thailand. The InterContinental Chiang Rai Golden Triangle Resort will offer 68 one and two-bedroom pool and plunge pool villas. Kimpton Chiang Rai Golden Triangle, which currently operates as The Imperial Golden Triangle Resort, will undergo an extensive renovation and convert to the Kimpton brand with 68 suites, along with a range of facilities. These destination resorts will mark IHG’s entry into Thailand’s Golden Triangle. IHG is on track to growth their luxury and lifestyle portfolio and Thailand by 50%. The two hotels will offer restaurants and bars by the river as well as lifestyle cruise experiences linking Thailand, Laos, and Myanmar.

The Courtyard by Marriott Bangkok revealed the results of an extensive renovation project with a new natural design vernacular for its contemporary rooms and suites, an upgrade for its public areas, and a new sky-high space for meetings, events, and social gatherings. All 314 rooms and suites have been refreshed under the “Touch of Nature” theme, which will help travelers to move forward and feel more relaxed during their stay. The hotel’s public areas have been uplifted with a new interior concept that embraces the them of “Lai Dao”. Courtyard by Marriott Bangkok also unveiled Erawan Sky, an all-new multi-purpose venue that will empower the hotel to stage exceptional meetings or small exclusive events. Erawan Sky is equipped with a private bar, lounge area, a huge 98-inch LED TV, and a cutting-edge sound system. Five Erawan meeting rooms have also been fully refurbished.

Six Senses has launched its second island resort in the Maldives, Six Senses Kanuhura. The resort includes 91 beachfront and overwater villas, including 12 new one and two-bedroom Beach Retreats, and the three-bedroom Beach Reserve, many with private pools. There is a collection of restaurants and bars and of course a Spa with local-inspired treatments.

Accor Pacific announced they are now partnered with 120 hotels totaling over 10,000 rooms across a diverse portfolio of hotels, apartments, and resorts. Accor brand across the Pacific region include: Sofitel, MGallery, Art Series, Pullman, Swissotel, Movenpick, Grand Mercure, Peppers, The Sebel, Mantra, Handwritten Collection, Novotel, TRIBE, Mercure, BreakFree, ibis, ibis Styles, and ibis Budget, as well as Ennismore’s SO/.

Indian Hotels Company announced the inauguration of Ginger Mumbai Airport. The 371 room flagship Ginger hotel is strategically positioned near the domestic airport. With this opening, IHCL has over two-thirds of its operating hotels in the upgraded new lean luxe identity. The hotel includes Qmin, the signature all-day diner, the Sports Bar, and a state-of-the-art fitness center. The hotel also offers a 3,000 square feet banquet hall, two meeting rooms, and a lounge.

Sarovar Hotels & Resorts announced its debut in the city of Pavagadh Gujarat with the opening of Vikrama Sarovar Portico. The hotel is located close to a UNESCO World Heritage Site. Vikrama Sarovar Portico offers 26 rooms, suites, and villas. Sarovar is managing the hotel for the owner, Vicky Infrastructure.

OYO is planning to prepay a major portion of its RS 1,620 crore debt ahead of its long-planned IPO. OYO said they will prepay Rs 1,600 crore debt through a buyback process. The buyback initiative involves the repurchase of 30% of OYO’s outstanding Term Loan B. The repayment of the debt is scheduled for June 2026. OYO interest payments are Rs 225 crore. The buyback of debt will greatly improve their balance sheet as well as profit potential. The offer is being fully funded with cash on the balance sheet and from a cash collateral account. The buyback is being done at par value through a public bidding process, open from November 14-18. If the bid exceeds the stipulated amount, then OYO will buy the loan back on a pro-rata basis. Who knows when or if OYO will finally go public. They shelved the plans last year and then in January this year, SEBI asked them to completely refile its IPO papers, citing a lack of updated financial disclosures for the September quarter of FY23. September 2021 is when OYO first filed preliminary documents with SEBI.

A 10-story business hotel will soon start its operation in Cagayan de Oro City in the Philippines in the first quarter of 2024. The Hamersons Hotel, a family-owned business founded by Harry Guantero, is located on Pabayo-Tomas Saco Streets. The business hotel will have 75 rooms designed with modern contemporary architecture, equipped with its own restaurant, function rooms, conference room, gym, bar, and parking area. Hamersons Hotel has an existing property, in Cebu City which opened in 2015.

Personnel Moves

Atmosphere Core, a hospitality company with three distinctive lifestyle brands, The Ozen Collection, Colours of Oblu, and Atmosphere Hotels & Resorts in the Maldives, announced new hires and redeployments. Rikard Nilsson, a Swedish National, was appointed as the Vice President for Culinary at Atmosphere Cove in August, with responsibility for the company’s culinary strategy across three brands and eight resorts. Philippe Claverotte is now part of a Special Task Force overseeing upcoming projects, moving to the tactical corporate role after being GM and VP of VARU by Atmosphere Kanifushi. Atmosphere operates eight resorts in the Maldives and has a pipeline of one resort in the Maldives one resort in Sri Lanka and eight hotels and resorts across India, all set to open within the next three years.

Alan Woinski
November 16th, 2023 at 7:22 AM EST

Companies: Accor, Art Series, Asset World Public Company Limited, Breakfree, Courtyard by Marriott, Ennismore, Ginger, Grand Mercure Hotels and Resorts, Handwritten Collection, ibis, ibis Budget, ibis Styles, IHG Hotels & Resorts, Kimpton, Marriott International, Mercure Hotels, Novotel, OYO Hotels, Peppers, Pullman, Sarovar Hotels and Resorts, Six Senses, SO/ Hotels & Resorts, Sofitel, The Indian Hotels Company Ltd, The Sebel, TRIBE

Locations: Bangkok, China, Gujarat, Maldives, Mumbai, Philippines, Thailand

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