OYO Launches Its Premium Resorts Brand ‘Palette’ With 1800 New Properties
OYO, the hospitality platform, has introduced a new brand called Palette, focusing on luxury resorts and hotels to attract high-end travelers.
The company aims to enhance its premium property portfolio and cater to both business and leisure travelers looking for luxurious getaways or staycations.
Currently, OYO offers various premium brands like Townhouse Oak, OYO Townhouse, Collection O, and Capital O.
They have planned to expand their premium segment by adding 1,800 new properties by the end of 2023 to capture a significant share in the upscale hospitality market.
As part of their initiative, OYO has launched a pilot with 10 Palette resorts in cities like Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar, and Bengaluru.
They plan to expand further by adding 40 more Palette resorts in cities such as Delhi-NCR, Kolkata, Amritsar, Shimla, Goa, Udaipur, Pune, Mussoorie, Srinagar, and Kochi by the second quarter of FY 2024.
Anuj Tejpal, the chief merchant officer at OYO, mentioned that travelers’ changing preferences, driven by increased disposable incomes, have led to a desire for unique and memorable experiences. This shift has prompted OYO to diversify its portfolio and introduce the new Palette brand.
In addition to their luxury resort venture, OYO is also planning to incorporate 500 new hotels in the host cities of the upcoming men’s cricket World Cup in India, further expanding their presence in the hospitality market.
These developments come as OYO prepares to go public as a company. They have achieved positive cash flow in the quarter ending March 2023, indicating improved financial performance.
As part of their progression towards an initial public offering (IPO), OYO has resubmitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) through a confidential filing route.
The OYO company wants to expand their offers and services through their latest premium Palette brand. They have planned to make an enhanced diverse portfolio of accommodations for travelers. The Palette brand may help OYO to rule in the premium hospitality industry.