OYO Assets, backed by OYO’s parent company PRISM, announced on Wednesday its plan to acquire 12 hotels in the second half of the current financial year as part of its strategy to expand its premium and mid-premium hospitality portfolio.
Also known as Sunday PropTech, the company revealed that it has already advanced seven of the 12 planned acquisitions to the final stages of completion.
“The portfolio of acquisition will be funded through a mix of debt and equity, leveraging the company’s strong balance sheet and investor support from an InCred and Analah-led consortium, along with PRISM Life and its shareholders such as SoftBank,” OYO said.
Saurav Agarwal, Board Member of Sunday PropTech, stated that the company is actively targeting properties in prime locations that promise strong return potential.
“The need for high-quality premium and mid-premium hotels, coupled with a growing interest in travel, has been increasing significantly, and we see compelling opportunities to deploy capital in this space,” Agarwal added.
Looking beyond its near-term expansion, OYO Assets plans to explore acquisitions in the mid-scale and premium hotel segments where PRISM already has a strong operational presence, according to OYO.
The newly acquired hotels will operate under PRISM’s existing brands, including Sunday Hotels, Palette Hotels, Townhouse, and others.
PRISM’s company-serviced hotel portfolio in India spans over 1,300 hotels.
