Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

SoftBank-backed Oyo, Known for Budget Stays, to Rebrand Hooters Hotel in Vegas

Oyo and Highgate will spend $20 million in total to renovate the hotel, which will remain open during the transformation, the source said.

Reuters

Updated:August 23, 2019, 6:04 PM IST
facebookTwitterskypewhatsapp
SoftBank-backed Oyo, Known for Budget Stays, to Rebrand Hooters Hotel in Vegas
The logo of OYO, India's largest and fastest-growing hotel chain, installed on a hotel building is pictured in an alley in New Delhi, April 3, 2019. (Image: Reuters)
Loading...

Bengaluru: SoftBank Group Corp-backed Indian hospitality startup Oyo will rebrand Hooters Casino Hotel in Las Vegas in a deal that a source with knowledge of the matter said was worth $135 million.

Oyo said on Friday it would partner with restaurant operator Highgate, which runs the Hooters hotel in Vegas, to rebrand it Oyo Hotel and Casino. The hotel, with 657 rooms and a 35,000 square-feet casino located near the famed Las Vegas Strip, will continue to be managed by Highgate.

Oyo and Highgate will spend $20 million in total to renovate the hotel, which will remain open during the transformation, the source said.

The deal, Oyo's first such in the United States, suggests the startup is setting its sights high, but founder Ritesh Agarwal told Reuters in an interview that the company would continue to focus on its mainstay: large numbers of middle-class travellers looking for affordable accommodation.

"Our focus on the economy and mid-scale hotels will continue to remain, because, all said and done, that's the largest population of the world," Agarwal told Reuters on Thursday, ahead of the deal, speaking over the phone from Gurugram.

As it looks to expand and targets the world's middle class, Oyo plans to hire up to 4,000 mid-and-senior level employees for domestic operations in the next six months, Agarwal said. Tens of thousands of junior employees, including front office staff, are likely to be hired for the hotels it franchises or leases out, he said.

Oyo, founded by 25-year-old Agarwal in 2013, started as a budget hotel aggregator in India. It expanded rapidly into markets such as China, Europe and the United States, and now manages over 23,000 properties across the world.

Valued at about $10 billion, Oyo now caters to an increasing number of corporate travellers who frequent its hotels because of affordable rents, cushioning the company from seasonal changes associated with the industry.

Agarwal, who recently took out a loan to buy back $2 billion worth of equity in the company, said he intended to spend on building technology and talent, not on discounts.

India and China account for two-thirds of the company's revenue, while a fifth comes from Europe and the United States, Agarwal said.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 64.10 -1.54
Maruti Suzuki 6,095.05 -0.58
BPCL 382.10 3.62
HDFC 1,988.30 -0.40
Reliance 1,205.70 0.69
Company Price Change %Gain
Maruti Suzuki 6,093.55 -0.61
Yes Bank 64.10 -1.61
ICICI Bank 399.15 -0.36
HDFC 1,988.75 -0.39
Tata Motors 121.85 -0.08
Top Gainers
Company Price Change %Gain
BPCL 382.10 3.62
Tata Steel 358.25 3.86
Vedanta 149.70 2.96
JSW Steel 221.40 2.41
SBI 280.40 2.35
Company Price Change %Gain
Tata Steel 358.05 3.95
Vedanta 149.45 2.68
SBI 280.50 2.41
Bajaj Finance 3,415.05 1.47
M&M 529.40 1.39
Top Losers
Company Price Change %Gain
Britannia 2,613.85 -2.92
Coal India 192.35 -2.66
ONGC 127.00 -2.08
Eicher Motors 16,030.40 -1.56
Yes Bank 64.10 -1.54
Company Price Change %Gain
Coal India 192.50 -2.58
ONGC 127.00 -2.08
Yes Bank 64.10 -1.61
Bharti Airtel 338.00 -0.54
HDFC Bank 2,186.95 -0.98

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results