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OYO Doubles Down on US Expansion, on Track to Add 250 New Hotels in 2024

Published

8 months ago

on

–News Direct–

Global travel technology company, OYOs US operations today announced plans to significantly expand its footprint in the United States. The company aims to add more than 250 hotels in the US in 2024. Last year the company added ~100 hotels in the US, taking the total count to over 320 hotels. This expansion will focus on some new as well as existing markets including Miami, New York City, San Francisco, San Jose, Boston, New Jersey, Las Vegas, Los Angeles, Manchester, Orlando, and San Diego. OYO was launched in the U.S. in 2019 and since then, has established a presence in over 35 states.

We are seeing tremendous interest from hotel owners to partner with OYO as we have demonstrated our ability to drive significant revenue uplift for our hotel partners. Our operational expertise allows us to rapidly scale and deliver an exceptional experience for guests across the country, while also driving strong financial results for our hotel partners, said Gautam Swaroop CEO OYO International.

Nikhil Heda, Head of Business Development OYO US added, We have seen strong growth potential in major markets in the US such as Florida, Nevada and California to site a few. With the company wide focus on sustainable growth, coupled with introduction of new tech-integrated business solutions to support the ever-evolving needs of our valued patrons, OYO is well poised to expand it footprint across the US in the months to come. As a matter of fact, we have been consistently adding more than a 1000 SRNs (Sellable Rooms Nights) every month. The eventual objective is to ensure that every 1 in 10 hotels in the US can proudly associate itself with the OYO brand.

The company recently reported that it has outpaced the budget hotel industrys per room revenue (RevPar) growth in 2023. While OYO's per room revenue witnessed a ~17% growth in 2023, the budget hotel segment in the USs per room revenue saw a 9% decline y-o-y in 2023, according to the STR report. Occupancy rates across OYO hotels in the US surged by ~9% y-o-y in 2023, whereas Average Room Rate (ARR) recorded 7% growth in 2023 as compared to 2022.

OYO recently announced that it has partnered with Stripe to ease the payment experience for its customers and hotel owners in the US. The integration will provide hotel owners with a flexible and seamless solution for in-person payments with Stripe Terminal at their hotels. OYO hotels in the US will also be enabled with real-time payouts through Instant Payouts with Stripe, which will improve their cash flow.

OYO also announced the launch of a virtual front desk solution for its partner hotels in the US. The self-check-in technology is integrated with smart lock systems, allowing guests to enjoy keyless entry and exit without the need for physical key cards. Round-the-clock virtual front desk powered by ChatGPT reduces front desk operations expenses by ~60%, saving an average OYO hotel ~$30,000 annually. The virtual front desk supports 80+ languages and promptly assists guests in their preferred language, addressing queries and concerns in real-time. Additionally, the system automates payment collection, streamlining the entire process for a hassle-free experience.

OYO has presence in over 35 countries globally. It owns a vacations home business in Europe called OVH (OYO Vacation Homes) which operates legacy brands such as DanCenter and Belvilla.

About OYO: OYO is a global platform that aims to empower entrepreneurs and small businesses with hotels and homes by providing full-stack technology products and services that aim to increase revenue and ease operations; bringing easy-to-book, affordable, and trusted accommodation to customers around the world. OYO offers 40+ integrated products and solutions to patrons who operate over 168,711 hotel and home storefronts in more than 35 countries including India, Europe and Southeast Asia, as of September 30, 2022. For more information, visit here

Disclaimer: Oravel Stays Limited is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its equity shares (the Equity Shares) and has filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).

The DRHP is available on the website of SEBI at www.sebi.gov.in, websites of the Stock Exchanges, i.e., BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively, and is available on the websites of the Global Coordinators and Book Running Lead Managers, i.e., Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited and Citigroup Global Markets India Private Limited at www.investmentbank.kotak.com, www.jpmipl.com and www.online.citibank.co.in; the websites of the Book Running Lead Managers, i.e., ICICI Securities Limited, Nomura Financial Advisory and Securities (India) Private Limited, JM Financial Limited and Deutsche Equities India Private Limited at www.icicisecurities.com, www.nomuraholdings.com/company/group/asia/india/index.html, www.jmfl.com and www.db.com/India, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, refer to the Red Herring Prospectus which may be filed with the Registrar of Companies in the future, including the section titled Risk Factors. Potential investors should not rely on the DRHP filed with SEBI for making any investment decision. The Equity Shares offered in the Fresh Issue (as defined in the DRHP) and the Offer for Sale (as defined in the DRHP) have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act) and, may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the Equity Shares are only being offered and sold (i) within the United States only to qualified institutional buyers (as defined in Rule 144A under the Securities Act) in transactions exempt from, or not subject to, the registration requirements under the Securities Act, and (ii) outside the United States in offshore transactions in reliance on Regulation S under the Securities Act and pursuant to the applicable laws of the jurisdictions where those offers and sales are made. There will be no public offering of the Equity Shares in the United States.

Contact Details

Anupriya

+91 97911 63065

anupriya.d@oyorooms.com

Company Website

https://www.oyorooms.com/

View source version on newsdirect.com: https://newsdirect.com/news/oyo-doubles-down-on-us-expansion-on-track-to-add-250-new-hotels-in-2024-154378316

OYO

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Press Release

Spread Joy this Holiday Season with PQ.Hosting: Join Our Charity Campaign and Win a MacBook Air!

Published

9 hours ago

on

December 24, 2024

By

Chisinau, Moldova —

PQ.Hosting, a global leader in high performance hosting solutions, is pleased to announce a special charity campaign. This initiative supports orphanages and offers participants the chance to win incredible prizes, including a MacBook Air 13.

The holiday season is time for family, festivities and heartfelt wishes. However, for many children in orphanages, these cherished traditions can feel out of reach. PQ.Hosting has long supported orphanages and is now calling on its clients to join this meaningful cause. Together with our clients, we can bring holiday magic to children in need.

How to Participate in the Charity Campaign?

Joining the campaign is simple and rewarding:

  • Order or Extend a Hosting Plan: PQ.Hosting will donate 10% of clients payments to orphanages
  • Enter the Prize Giveaway: Follow four easy steps to qualify for amazing prizes.

Join the Celebration: Win Exciting Prizes with PQ.Hosting

This holiday season, PQ.Hosting offers clients an opportunity to win amazing prizes, including:

  • iPhone 16 Pro Max
  • 3 Gaming Accessories Sets
  • €50 Account Balance
  • Gaming Chair
  • Smart Speaker
  • 1 Year of Free VPS Hosting
  • 3 Months of Dedicated Server Usage
  • 1-Year VPN Subscription
  • Exclusive PQ.Hosting Merch
  • 10 Telegram Premium Subscriptions for 1 Year
  • Grand Prize: MacBook Air 13

Visit our website for more details!

Key Dates

Campaign Period: From 18th December 2024 to 29th December 2024 (11:59 PM UTC+3).

Winners Announcemeign is our way of ending the year on a heartfelt and impactful note,” said Ivan Neculiti, CEO of PQ.Hosting. “We invite everyone to join us in spreading joy and embracing the true essence of the holiday season.”

Media Contact

Organization: PQ.Hosting

Contact Person: Stella

Website: https://pq.hosting/en/

Email: social@pq.hosting

About PQ.Hosting

Founded in 2019, PQ.Hosting has earned a reputation for delivering high-performance VPS/VDS, dedicated servers, VPN, proxy and SSL certificates to over 150,000 clients worldwide. With a network spanning 42 countries and speeds up to 10 Gbps, PQ.Hosting continues to set industry benchmarks for speed, reliability and customer service.

Don’t miss this chance to make a difference and win amazing prizes. Together let’s make this holiday season unforgettable!

nt: 30th December 2024 during a live broadcast on our YouTube Channel.

Together We Can Create Holiday Magic

“Our 2024 journey has been extraordinary, with milestones that reflect growth and success. This campaign

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Press Release

Vietnam Set to Welcome Nearly 16 Million International Tourists by End of 2024

Published

11 hours ago

on

December 24, 2024

By

Vietnam’s tourism sector is on track for a remarkable year, with nearly 16 million international visitors expected by the end of 2024, marking a significant rebound and growth in the industry.

According to the latest data from the Vietnam National Administration of Tourism, the total number of international arrivals reached approximately 15.84 million during the first eleven months of 2024, reflecting a 41% increase compared to the previous year. In November alone, Vietnam welcomed 1.71 million international tourists, a 20.5% rise from October and a staggering 38.8% increase from November 2023.

Market Growth and Major Source Markets

The growth in international visitors has been predominantly driven by travelers from Asia, who account for nearly 80% of all arrivals. Major source markets include South Korea, China, Taiwan, Japan, the United States, India, Malaysia, Cambodia, Australia, and Thailand. Notably, South Korea leads the way with over 4.13 million visitors, marking a 128.3% increase compared to the previous year, while China follows closely with 3.3 million visitors, a significant 222% rise.

European markets are also contributing to this growth, with the United Kingdom being the top source, sending over 279,000 tourists, followed by France, Germany, and Russia.

Mr. Phan Trong Thang, Director of Metta Voyage, commented, “Vietnam is on the rise, being chosen in the region for its freshness compared to Thailand, Indonesia or Singapore, its diverse and affordable cuisine, and the many newly opened direct flights at reasonable costs.”

Positive Trends Across Various Markets

Several countries have seen remarkable increases in visitor numbers compared to the previous month, including Poland (up 238%), Italy (up 88%), and Norway (up 66%). This upward trajectory highlights Vietnam’s increasing appeal as a tourist destination.

Mr. Nguyen Cuong Bach, Deputy Director of Metta Voyage, added, “High-end travelers are choosing Vietnam tour packages for its diverse experiences from North to South, the availability of new premium products, and the dedicated service of the Vietnamese people.”

Diverse Tourist Arrivals

Arrivals via air travel remain the most popular, with over 1.4 million international guests flying into the country. This trend underscores the importance of enhancing air connectivity to sustain growth in Vietnam tourism.

Conclusion

With a predicted total of 17 to 18 million international visitors by the end of 2024, Vietnam’s tourism industry is poised for a successful year. The country’s rich cultural heritage, stunning landscapes, and diverse experiences continue to attract travelers from around the globe.

Company Name: Metta Voyage Co., Ltd

Content Person: Nguyen Cuong Bach 

Contact Email: bach@mettavoyage.com

City: Hanoi

State: Hanoi, Vietnam

Website is: https://mettavoyage.com

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Press Release

ReelDAO Joins NVIDIA Developer Program: Revolutionizing the Short Film Industry with AI and Blockchain

Published

12 hours ago

on

December 24, 2024

By

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ReelDAO, a pioneering decentralized platform dedicated to transforming the short film industry, has officially joined the NVIDIA Developer Program. This collaboration marks a significant step in ReelDAO’s mission to harness generative AI and blockchain technologies, empowering creators and reshaping content creation and distribution worldwide.

“We are thrilled to join the NVIDIA Developer Program,” said the founder of ReelDAO. “This partnership will accelerate our technological innovation, particularly in AI-powered creation tools and Web3 decentralization.”

Empowering Short Film Creation with AI

ReelDAO’s proprietary VisionaryAI engine, enhanced by NVIDIA’s technological support, is poised to redefine the industry:

  • Intelligent Scriptwriting: Leveraging NVIDIA AI for seamless narrative construction.
  • Dynamic Video Production: Accelerating rendering speeds and improving visual quality with GPU-optimized tools.
  • Real-Time Effects: Delivering Hollywood-level special effects to independent creators at reduced costs.

Blockchain and AI Synergy

As the first Web3-powered short film platform, ReelDAO integrates blockchain technology to decentralize content creation, distribution, and revenue management. With NVIDIA’s support, ReelDAO is enhancing smart contract optimization and distributed computing, further solidifying its industry leadership.

Through the native RDO token, creators can access AI tools, participate in governance through voting, and enjoy equitable revenue sharing, fostering a community-driven ecosystem.

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