Accordingly recently budget hotel chain Oyo Hotels has signed MoUs with State Bank of India and Bank of Baroda to extend support to budget hotels and creating jobs across levels. Meanwhile when signed under the aegis of the Pradhan Mantri Mudra Yojna, the MoUs will enable financial support for Oyo’s existing and potential hotel partners to be able to transform and standardize their properties.
Further Oyo claims that this opportunity will also allow it to spearhead the creation of thousands of jobs in Tier II and III cities by nurturing micro-entrepreneurs in the hospitality sector. Moreover these MoUs will help us in shortening the demand supply gap of quality accommodation by offering hoteliers a platform to transform their property and enhance the business by creating beautiful living spaces.
Jayant Chauhan, SVP Fintech, OYO, said in a
statement “In the past, partner hotels have witnessed an increase in revenue
and occupancy levels after becoming a part of OYO’s chain of hotels and on
average, in business cities, we have been delivering 80%+ occupancy”. Further Jayant
added, ‘As a category, over the years, budget hotels have been overlooked as
the preferred accommodation option and this may have been due to smaller ticket
values, lack of predictable, standardized services for not so known brands’.
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