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OYO Hotels Acquires 4-Star Property In Jaipur From Emaar



With a view to expand its inventory in the premium segment, OYO Hotels acquired 4 star hotel named Fortune Select Metropolitan in Jaipur

As part of its plans to venture into the 4-star segment, Softbank-backed OYO Hotels and Homes has acquired Fortune Select Metropolitan in Jaipur. The hotel is currently managed by ITC Hotels. With this acquisition, SoftBank-backed OYO Hotels and Homes plans to establish itself in the premium segment currently dominated by marquee Indian and international hotel chains.

According to people familiar with the matter, OYO has acquired the property from Emaar Group. Sources revealed that the hotel was sold to OYO for about Rs 35-40 crore. The spokesperson of Emaar clarified that the company does not wish to comment on any prospective transaction until it is finalised. The spokesperson confirmed that an official announcement will be made in case of any new developments. 

On the other hand, a spokesperson of OYO said that the company is evaluating newer categories and segments to tap suitable opportunities and expand its existing inventory in the premium segment. However, at this moment, the company has nothing new to share. 

Samir MC, Managing Director, Fortune Park Hotels, said that the terms of the existing operating service agreement with the Jaipur property were soon coming to an end and the same will be reviewed by both parties to discuss the way forward.

Fortune is a brand of ITC’s hotel division and has properties spread across several categories. Fortune Select consists of four and five-star properties found in business locations in metros, and key leisure locations. Fortune Park falls under the mid-scale range with three and four star properties. Fortune Inn is a full-service business hotel range with 30 to 50 rooms and limited food and beverage outlets. Fortune Resort operates hotels in the mid-marker and upscale segment located in popular leisure and holiday destinations.

A person familiar with the development said that this is a direct acquisition. OYO has been actively looking for properties in key metro locations and tier 1 cities in India in the four-star category.

Source: Economic Times

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