OYO, SoftBank in JV

OYO Hotels and Homes has entered into a joint venture with its biggest institutional investor, SoftBank, to launch its hotels business in Japan, the Gurgaon-headquartered hospitality chain announced. OYO will have a 50 per cent stakeholding in OYO Hotels Japan GK, while SoftBank Corp and its $100 billion Vision Fund will each hold a 25 per cent stake in the venture. Ken Miyauchi, President and CEO, SoftBank Corp, said in a statement: “Combining OYO′s most advanced business model with SoftBank Corp′s knowledge of the Japanese market, we will provide brand-new hotel experience to travellers in Japan. Moreover, OYO Hotels Japan offers various values for owners such as dynamic pricing and reservation systems, contributing to the elimination of labour shortages and flexible pricing.” The decision to enter the Japanese market has also been driven by the anticipated growth in the country's hospitality sector, which is expected to witness a significant uptick over the next two years, given its capital city, Tokyo, is scheduled to host the 2020 Summer Olympic Games. Ritesh Agarwal, group CEO, OYO Hotels & Homes, said: “With the launch of OYO Hotels Japan, we hope to leverage our hospitality experience to host millions of travellers. We are delighted to have SoftBank Corp's support as always, as we gear up to enter the hospitality market in Japan.”