Oyo Hotels launches cash-in-bank initiative for asset owner-partners
This initiative will help the group’s asset owners get easy access to quick collateral-free business advances
India’s Oyo Hotels has launched a cash-in-bank (CiB) initiative for its asset owner partners, the hospitality group has announced.
According to officials, this initiative will help the group’s asset owners across India ‘get easy access to quick, hassle-free and collateral-free business advances to upgrade or renovate their buildings’.
The group believes that this programme will help hotels improve ‘guest experience and improve the direct and repeat rate’. The initiative that is an “industry first” was launched after several asset owners asked for help with ‘financing expansions’.
As part of the programme, “All new buildings which are part of our hotel chain in India (less than 2 months old) and all our existing buildings (OYO Rooms, Spot on and Capital O brands only) are eligible to apply for Cash in Bank facility,” Oyo revealed in a statement.
In addition to that, asset owners can use a ‘CiB Calculator’, which reveal if their buildings are eligible for an advance along with the applicable charges. However, owners will be charged a minimal service fee to cover financial risks involved.