<p>Oyo on Tuesday announced its plan to double the number of premium hotels in India with the addition of around 1,800 such hotels in 2023.</p>.<p>Its premium hotel brands include Townhouse Oak, Oyo Townhouse, Collection O and Capital O.</p>.<p>Oyo currently has about 1,800 premium hotels in India. The move is aimed at capitalising on the surge in business travel by increasing its footprints across all the major business cities.</p>.<p>"Oyo plans to add approximately 1,800 premium hotels this year," the hospitality tech platform said.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/oyo-estimates-revenue-to-be-751-mn-in-2022-23-ceo-1185235.html" target="_blank">Oyo estimates revenue to be $751 mn in 2022-23: CEO</a></strong></p>.<p>It said the expansion will focus on key business cities such as Bengaluru, Hyderabad and Chennai in South India, Delhi and Noida in North India, Kolkata in the East and Mumbai in the West.</p>.<p>Oyo's focus on premium hotels started in the last quarter of 2022 when it added more than 400 premium hotels between October and December.</p>.<p>"We are seeing a clear trend of people's willingness to spend more on experiences. Therefore, hotels are now offering additional services and amenities to enhance the travel experience and make it more convenient for guests. Our expansion plan focusing on the growth of premium hotels is aligned with this trend," Anuj Tejpal, Chief Merchant Officer at Oyo, said.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/city/bengaluru-hotel-rooms-sold-out-in-busy-february-1188616.html" target="_blank">Bengaluru hotel rooms sold out in busy February</a></strong></p>.<p>The demand for premium segment hotels has picked up significantly in the last few months.</p>.<p>This could be attributed to the surge in domestic leisure travel, transient travel, pent-up demand from meetings, incentives and weddings segment, and gradual recovery in business travel and foreign tourist arrivals.</p>.<p>In a report, Icra said India's hotel room supply pipeline is expected to grow at a 5-year CAGR of 3.5-4 per cent, adding around 15,000 rooms to the pan-India premium inventory of about 94,000 rooms in FY2023.</p>.<p>Pan-India premium hotel occupancy is expected to be 68-70 per cent for FY23, the credit rating agency said in the report.</p>
<p>Oyo on Tuesday announced its plan to double the number of premium hotels in India with the addition of around 1,800 such hotels in 2023.</p>.<p>Its premium hotel brands include Townhouse Oak, Oyo Townhouse, Collection O and Capital O.</p>.<p>Oyo currently has about 1,800 premium hotels in India. The move is aimed at capitalising on the surge in business travel by increasing its footprints across all the major business cities.</p>.<p>"Oyo plans to add approximately 1,800 premium hotels this year," the hospitality tech platform said.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/oyo-estimates-revenue-to-be-751-mn-in-2022-23-ceo-1185235.html" target="_blank">Oyo estimates revenue to be $751 mn in 2022-23: CEO</a></strong></p>.<p>It said the expansion will focus on key business cities such as Bengaluru, Hyderabad and Chennai in South India, Delhi and Noida in North India, Kolkata in the East and Mumbai in the West.</p>.<p>Oyo's focus on premium hotels started in the last quarter of 2022 when it added more than 400 premium hotels between October and December.</p>.<p>"We are seeing a clear trend of people's willingness to spend more on experiences. Therefore, hotels are now offering additional services and amenities to enhance the travel experience and make it more convenient for guests. Our expansion plan focusing on the growth of premium hotels is aligned with this trend," Anuj Tejpal, Chief Merchant Officer at Oyo, said.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/city/bengaluru-hotel-rooms-sold-out-in-busy-february-1188616.html" target="_blank">Bengaluru hotel rooms sold out in busy February</a></strong></p>.<p>The demand for premium segment hotels has picked up significantly in the last few months.</p>.<p>This could be attributed to the surge in domestic leisure travel, transient travel, pent-up demand from meetings, incentives and weddings segment, and gradual recovery in business travel and foreign tourist arrivals.</p>.<p>In a report, Icra said India's hotel room supply pipeline is expected to grow at a 5-year CAGR of 3.5-4 per cent, adding around 15,000 rooms to the pan-India premium inventory of about 94,000 rooms in FY2023.</p>.<p>Pan-India premium hotel occupancy is expected to be 68-70 per cent for FY23, the credit rating agency said in the report.</p>