Oyo on the Defense After Reporting $335 Million in Losses and 14 Other Top Hospitality Stories This Week
Photo Credit: Despite many setbacks, Oyo CEO Ritesh Agarwal has no plans to decelerate the company's rapid growth. Skift / Jose Marmolejos
Skift Take
This week in hospitality news, hundreds of millions in losses, disgruntled partners, and unsatisfied guests: Oyo has gone from startup darling to something of a black sheep, and CEO Ritesh Agarwal still isn't ready to change up his playbook yet. Plus, Choice Hotels sees the upside in corporate travel and is expanding its extended stay brands.
Hotel News Weekly Roundup
Throughout the week we post dozens of original stories, connecting the dots across the travel industry, and every weekend we sum it all up. This weekend roundup examines hotels. For all of our weekend roundups, go here.
Oyo CEO Defends Business Practices That Anger Some Hoteliers: If you were thinking after a tumultuous last few months that a reformed Oyo would emerge, then guess again. The hotel chain is giving little ground on the basics of its business model, although it vows to get better on the execution of it all.
Oyo’s Annual Losses Ballooned to $335 Million in 2019: Oyo appears to be taking its once-explosive global expansion strategy down a few notches, and that could be a good thing for the young company in the face of still-uncertain impacts from the coronavirus and the reputational damage it recently suffered. These losses aren’t pretty.
Travel Megatrends 2020: Consumer Brands Jump Into Hospitality Mashups: Consumer brands that see the passion of travelers are taking a leap. These brands are becoming hotel proprietors in greater numbers to reach out to millennials, who see travel as a lifestyle experience. Expect more retailers to invade the hos
