Oyo launches in Vietnam with USD50 million investment
Indian budget hospitality firm Oyo Hotels & Homes has chalked off another new market entry in Southeast Asia.
The SoftBank-backed unicorn officially launched in Vietnam and is backing the expansion with a $50 million investment.
It quietly soft launched several months ago and now says it has more than 90 hotels across the country in Hanoi, Ho Chi Minh City, Da Nang, Phu Quoc, Vung Tau and Nha Trang, which are all major tourist hotspots.
It is aiming for 20,000 rooms by the end of 2020.
Launched in 2013, OYO recently announced it would double its investment in Southeast Asia to $200 million to reach 2.5 million rooms by 2023.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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