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Oyo Acquires ITC Managed Hotel to Enter Luxury Hotel Space: Report

Oyo Hotels and Homes has acquired Fortune Select Metropolitan, one of the well-known four star hotels in Jaipur, according to Economic Times. The SoftBank backed company has reportedly paid nearly Rs 35-40 crore to acquire the property, which until now was managed by ITC Hotels.

Oyo Hotels and Homes acquires ITC managed hotel for Rs 40 crore

Oyo and ITC Hotels have still not confirmed the news but as and when the confirmation arrives then this will mark Gurgaon based company’s entry in the luxury hospitality space. The company has already taken a huge step on this front in the international market by recently acquiring Las Vegas Hooters Hotel for undisclosed amount.

Although the Gurgaon based company has also entered different verticals like co-working and co-living space, offering budget hotels & affordable accommodation has always been its crore business since inception.

Buoyed by deep cash reserves brought forth by recent funding rounds, Oyo is going full throttle to expand aggressively not only in the domestic market but also international markets. The company’s recent acquisition of Las Vegas Hooters Hotel marked its first ever acquisition in the highly competitive U.S. market. This was immediately followed with the acquisition of a Danish data science firm for nearly $ 10 Mn.

The company may also look for acquisition opportunities in China, which Oyo touts as its second home after India.

On the domestic front, it recently acquired co-working space startup Innov8 for nearly Rs 220 Cr to enter into the co-working market.

Meanwhile, Fortune is one of the popular brands under ITC’s hotel division. Fortune operates several categories of properties – mostly four star and five star hotels – across different metropolitan cities and key holiday destinations. Some of the popular brands operating under Fortune include Fortune Select, Fortune Park, Fortune Inn and Fortune Resort.

Fortune chain of hotels was set up in 1995 and today operates nearly 40 hotels in nearly 30 cities.

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