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Oyo in Talks to Raise up to $90 Million

Alan Woinski
May 23rd, 2024 at 7:41 AM EDT

Skift Take

Oyo is seeking to raise $80-$90 million from InCred’s family offices at a reduced valuation to pay off debt and refile for an IPO.

STR reported Chinese hotel data for the week ended May 18. Hotel RevPAR in China was down -7.1% year over year. The performance was up against a tough +93.8% comp the year before. Occupancy was down -1% for the week. reported a better than 100% year-on-year increase in outbound hotel and air bookings and a better than 20% increase in domestic bookings in 1Q24, showing the recovery of China‘s travel. While we look at it as the comp being the first three months of the removal of Zero Covid, so the comp was not difficult, said the rise was facilitated by a more stabilized supply and further relaxation of visa requirements.

Macau visitor arrivals were up 14.4% year on year in April to 2,600,717. That was 75.8% of the arrivals recorded during April 2019. The April results included 1,349,927 same-day visitors, up 23%, and 1,250,790 overnight visitors, up 6.3%. Visitors from mainland China grew by 25.3% to 1,737,314. International visitors were up 91.9% to 208,297, which is 68.6% of April 2019 levels. The first four months of 2024 show the number of visitor arrivals rose by 58.9% to 11,476,474. That is 83.2% of 2019 levels.

STR said the sentiment across Asia Pacific hoteliers seems to be turning downward even as hotel performance has yet to follow that trend. STR‘s Jesper Palmqvist said there is traditionally a lag between a drop in sentiment and a drop in performance data. The weaker-than-expected performance in China around the Golden Week and Labour Day holidays is a big part of the sentiment shift. Hotel rates in mainland China are said to be 10% to 20% lower than the same period last year, and that compares with the period right after the country reopened. STR believes the balance of inbound and outbound from Greater China will be interesting to track as China agrees to various visa changes. The first quarter had 13 million inbound travelers.

After pulling its long-time plans for an IPO, at least for now, Oyo is in talks to raise US$80 to US$90 million. Oyo is in talks with InCred about raising the amount from its family offices. The valuation would be $3 billion to $4 billion, which is down nearly -75% from what Oyo had as a peak valuation prior to the pandemic. This and the proposed $450 million dollar bond money raise would be used to pay off the company’s existing debt. The plan would then be to refile for an IPO, and hopefully, SEBI will not keep stonewalling them.

Amora Hotels & Resorts said they are gearing up for a significant expansion in the Asia Pacific region. The company plans to bring its distinct brand of customer-focused luxury hospitality to new markets across the Pacific and Southeast Asia. The company launched this initiative with the opening of a new corporate office in Sydney, which will serve as the central hub for its ambitious plan to double its hotel portfolio from six to 12 within the next five years. The Sydney office will be managed by Tamer Habib, Group VP of Operations, a former Starwood executive.

Accor said they signed an agreement with Sanya Jinghai Cheng Real Estate Development for a new MGallery Hotel Collection property in Sanya, HainanSanya City Center – MGallery Collection will have 187 rooms and is slated to open by the end of next year. The hotel will have a rooftop pool and bar and will cater to both business and leisure travelers.

A new property from QT Hotels & Resorts will launch in Singapore on September 16 along Robinson Road. The hotel will occupy the former Hotel Telegraphbuilding, next to the food center Lau Pa SatHotel Telegraph will be a boutique luxury hotel in a four-story colonial building that was shuttered on April 1 to make way for the new property. QT Hotels is owned by the Australian company EVT. This will be the first QT Hotel both internationally and in Southeast Asia. The hotel will have 134 rooms ranging in size from 44 square meters to 90 square meters.

Hotel Okura Co., Ltd announced it signed a multi-property framework agreement on May 17 with Asset World Corporation, a leading integrated lifestyle real estate group in ThailandHotel Okura will operate a new hotel being developed by AWC in Chiang Mai by 2028 and several Okura Group luxury hotels across Thailand by 2030. The hotels will add more than 500 rooms in the country. The two companies also have another agreement for Hotel Okura to provide hospitality services for cruises to be launched on the Chao Phraya River starting in December. The first Okura-branded hotel to open in Chiang Mai will be part of AWC‘s Lannatique project. Amenities will include a spa, Zen garden and Japanese tea café when it opens in 2028. Together with other projects in key cities, including BangkokOkura Group‘s presence in Thailand will rise to over 2,000 new and existing rooms by 2030.

The Pavilions Bali in Sanur, Bali has expanded its accommodation options with the addition of two One-Bedroom Pool Villas and one Garden Villa. With the addition of the three new villas, The Pavilions Bali now features 28 private villas within a sheltered tropical oasis in the heart of the destination. The boutique resort comprises seven Garden Villas, 13 intimate one-bedroom Pool Villas, four two-story Honeymoon Pool Villas and four spacious Two Bedroom Pool Villas, ranging in size from 120 square meters to 270 square meters.

Radisson Hotel Group announced the opening of Mandrem Beach Resort, a member of Radisson Individuals Retreat in the coastal region of Goa. The resort offers a blend of beachfront and riverfront accommodations and is located around 28km from Manohar International Airport in Goa. The resort offers luxury suites with a private plunge pool. Amenities include a swimming pool, 1,800 square foot banquet hall and expansive beach lawn as well as the 1600+ square foot boardroom. Dining options include the poolside restaurant Sunset Cove.

Hotel and Lodging Performance

Daily Lodging Report subscribers get full access to insights from ST200 as part of their subscription.

The Skift Travel 200, a tool from Skift Research, makes it easy to track travel industry performance as a whole, as well as within specific sectors. The Accommodations sector includes public companies in these sub-sectors: 

  • Global Hotel Brands
  • Hotel Management and Operations
  • Hotel REITs
  • Regional Hotel Brands
  • Time Shares
  • Alternate Accommodations
Alan Woinski
May 23rd, 2024 at 7:41 AM EDT

Companies: OYO Hotels, Accor, Amora Group, Asset World Public Company Limited, MGallery Hotel Collection, QT Hotels, Radisson Hotel Group, Radisson Individuals

Locations: Bali, Chiang Mai, China, Goa, Hainan, Macau, Singapore, Sydney

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