New Delhi, April 20 (PTI) – Hospitality technology firm OYO announced on Thursday that it will open 50 new properties in Ayodhya by 2023 as part of a collaboration with the Ayodhya Development Authority and the Uttar Pradesh State Tourism Development Corporation.
According to the company, approximately 25 of the 50 new properties to be added in Ayodhya will be homestays run by homeowners and 25 will be small and medium hotels with 10 to 20 rooms each.
In Ayodhya, OYO currently has around five properties.
In its quarter two monetary results submitted to SEBI, hospitality chain Oyo reported an adjusted EBITDA of Rs 56 crore and losses of Rs 333 crore, down from Rs 414 crore in the previous quarter.
IPO-bound OYO reports EBITDA of Rs 56 crore in Q2
The company stated that it is collaborating with the Ayodhya Development Authority and the Uttar Pradesh State Tourism Development Corporation on its Ayodhya expansion plans.
After multiple rounds of meetings with the government to understand their key requirements and concerns, OYO Chief Merchant Officer Anuj Tejpal stated that the company made a “robust expansion plan” for Ayodhya.
“We have already begun onboarding homestays.” In our plans to expand OYO footprints across major religious corridors in India, Ayodhya is the top spiritual city,” Tejpal added.
According to the company, tourist arrivals in Ayodhya have been steadily increasing over the last few years.
In 2017 approximately 1.5 crore tourists visited Ayodhya, and 2 crore in 2019. The number dipped during the pandemic years but rebounded again in 2022 when more than 2.20 crore tourists visited the spiritual city, it added.
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