Restaurant technology company Oyo has announced plans to open 40 new hotels across the UK by the end of this financial year.
Oyo currently has 200 hotels in over 65 cities in the UK, with top markets in London, Birmingham, Manchester, Torquay and Great Yarmouth.
Oyo entered the UK market in 2018 with the aim of developing over 5,000 rooms in the first 18 months of operation.
The company plans to use these self-owned properties with flexible 3-15 year leases, which it has already implemented in 11 hotels.
Oyo expected each of these hotels to generate “annual revenues of around £1.5m”.
The target cities for the expansion are London, Birmingham, Manchester, Leeds, Bristol, Cardiff and Edinburgh.
This follows the group’s announcement of plans to buy G6 Hospitality, parent of the Motel 6 and Studio 6 brands, from Blackstone Real Estate for $525m (£405m).
Oyo started operations in the US in 2019 and now has more than 320 hotels in 35 states.
