Softbank-Backed Oyo To Offload More Hotels
India’s Oyo Hotels and Homes, backed by SoftBank Group, plans to offload more properties around the world, three sources familiar with the matter said, as the coronavirus pandemic prompts it to speed up a retreat from a rapid global expansion. While Oyo does not plan to completely exit any market, it will either terminate or not renew contracts with loss-making hotels. Company may furlough additional staff in countries where travel curbs to prevent the spread of the virus persist for several months, making it difficult for hotels to operate.
Other large hotel operators like Marriott International have also abandoned their financial outlooks and furloughed staff to conserve cash.