OYO launches programme to get more property owners on board
Hospitality chain OYO launched a branded programme on Thursday in a bid to get more asset owners and properties on its platform.
The OYO Partner Engagement Network, or OPEN, programme is aimed at increasing the number of partners in its hotel ecosystem, CEO Aditya Ghosh said, adding the company will also open a partnership advisory council soon. The company currently has 8,700 asset owners spread across 260 cities in India and South Asia.
As part of the network, Ghosh said the company will offer asset owners assistance and transparency. "Asset owners will receive 18% interest on delayed payments and resolution for exceptions will be carried out before the due date," he said.
In terms of assistance, the company said it will enable easier access to financing options for partners looking to make improvements through banks and other financial institutions with which it has forged partnerships. Partner institutions include Bank of Baroda, Capital First, Aditya Birla Finance, IIFL and FlexiLoans.
OYO will also assist asset owners to navigate regulatory and compliance requirements for business continuity and provide access to a pan-India list of local legal and accounting firms that specialise in industry requirements.
In addition, the company is launching a central response hotline through which asset owners can directly share their queries with on-ground teams.
On the marketing front, OYO will provide asset owners assistance in leveraging various marketing channels including content and design support.
"With the launch of OPEN, we are laying the foundations of a structured way of exchanging ideas, providing support and most importantly, building a relationship of trust on which we hope to build the next several decades to come," Ghosh said.
In addition to OPEN, the company is introducing an upgraded version of the Co-OYO app that has been designed for asset owners and partner franchises to keep them updated on payment information.
Through the Co-OYO app, asset owners in India can have complete visibility on cash flows, business performance, pricing, customer reviews and recommendations, Ghosh said.
According to him, the key benefits of the upgraded app include advanced analytics which enable a deep dive into asset performance over time, an easy-to-navigate intuitive interface and easy-to-understand metrics and graphs that allow for daily monitoring of performance.
Additionally, there is a section that provides an intuitive, on-the-go learning programme through videos that can guide asset owners on basics as part of a starter kit or refresher programme.
Ghosh said the app will be made available over and above all the other OYO tech platforms that are needed to run the hotels and properties.
Further, the company will reward asset owners and partners who perform well on a yearly basis.
Ghoshal said that OYO has more than 200 asset owners in over 15 cities in India with one out of six owners having more than one property attached with the company. He added that over 640 asset owners were able to clock over Rs 1 crore in gross booking value with OYO last year.