Oyo Hotels and Homes, the world’s third largest and fastest-growing hotel chain, signed an MoU with the Saudi Arabian General Investment Authority (SAGIA) to invest over $1 billion into building luxury hospitality ecosystem across cities in KSA by adding luxury and upper-budget/mid-segment hotels to its chain in the coming months.
Ritesh Agarwal, founder and CEO of Oyo Hotels and Homes, said, “The luxury segment in the Kingdom of Saudi Arabia holds a lot of promise for us given the rapid growth of the hospitality industry over the last few years. We are honoured to bring Oyo’s expertise, our deep understanding of consumers coupled with our operational and technological capabilities to the luxury hospitality segment in KSA. Today, we are hosting guests in over 130+ hotels with 6,500+ rooms as a part of Oyo’s chain and we want to thank his majesty the custodian of the two holy mosques King Salman bin Abdulaziz Al Saud, his royal highness Prince Mohammed Bin Salman, and Saudi Arabian General Investment Authority (SAGIA) for their continued support,”.
“This MoU and investment of SAR 4 billion reiterates our commitment of delivering a standardised quality experience to travellers coming to the Kingdom of Saudi Arabia and driving higher yields for small and independent asset owners. Our operations in the region are supported by over 350 Saudi nationals and we are keen to generate employment opportunities for young hospitality enthusiasts in the region."