OYO, a global hospitality company, has announced plans to add 500 new hotels in various host cities for the upcoming Men’s Cricket World Cup. These additions are expected to meet the increased demand for bookings over the next three months. The tournament will take place from October 5 to November 19 and will be held in Hyderabad, Delhi, Dharamsala, Chennai, Lucknow, Bengaluru, Mumbai, Kolkata, Pune, with the final match being played in Ahmedabad. Read More Business News on our website.
OYO aims to strategically locate these new hotels near the stadiums in these cities to provide convenient accommodation options for cricket fans. The participating teams in the tournament include India, England, Australia, South Africa, New Zealand, Pakistan, Bangladesh, Sri Lanka, West Indies, and Afghanistan.
The company has observed a significant surge in demand during the tournament period, and the prices of air tickets to host cities on match days have also increased substantially. Recognizing the sport’s magic and its ability to bring millions of people together, OYO wants to ensure that fans traveling from far distances to support their favorite teams have access to comfortable and affordable accommodations.
This announcement follows OYO’s positive earnings before interest, taxes, depreciation, and amortization (EBITDA) in every quarter of the 2022-2023 financial year, marking the first profitable year for the company since its establishment in 2012. OYO expects to maintain positive EBITDA for the 2023-2024 financial year as well.
Earlier this year in March, OYO refiled its Draft Red Herring Prospectus (DRHP) with the stock market regulator SEBI, utilizing the confidential pre-filing route. According to a source close to the company, OYO plans to adjust the issue size based on prevailing market conditions, aiming for a range of $400 to 600 million, which will primarily be used to repay most of its debt.
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