India’s Oyo Hotels expands profile, reportedly acquires Chinese rival Qianyu
Oyo hotels and rooms has reportedly acquired its Chinese rival — Qianyu — a midsize hotel brand in China.
Oyo hotels and rooms has reportedly acquired its Chinese rival — Qianyu — a midsize hotel brand in China. This news comes close on the heels of AirBnB investing in Oyo Hotels.
While there has been no comment from Oyo hotels on this front so far, reports suggest that the company is leaving no stone unturned in increasing its operations in the world’s second-largest economy.
Several reports suggest that Oyo is still in talks to acquire the company, however according to Entrackr, the company has already finished the deal.
According to Chinese news portal CaiJing, Qianyu has thousands of rooms in cities including Beijing, Shanghai, Chengdu, and Xi’an. The Chinese company also follows the franchise model just like Oyo does.
Even without Qianyu’s acquisition, Oyo already has established a strong foothold in China. At the end of 2018, Oyo revealed that it had more “180,000 franchised and leased rooms in [more than] 4,000 hotels under franchise, manchise and leased format across [over] 285 cities in China, including Hangzhou, Xian, Nanjing, Guangzhou, Chengdu, Shenzhen, Xiamen, and Kunming, among others”.
This acquisition will help Oyo, which debuted in China in November 2017, gain local expertise and will also add to its inventory.