Oyo supports asset owners as occupancy plunges amid COVID-19 extended lockdown

With plunging occupancy rates due to COVID-19 lockdown, hotel chain and room aggregator Oyo said on Monday it is taking a series of measures to support asset owners in different regions of the country.

With plunging occupancy rates due to COVID-19 lockdown, hotel chain and room aggregator Oyo said on Monday it is taking a series of measures to support asset owners in different regions of the country. A total of Rs 24 crore discounts have been offered to over 3,000 Oyo partners to lessening the burden of payments due and accrued.

At the same time, thousands of partners who wanted to become a part of Oyo Secure, a financial product similar to an online wallet for simplified deal benefits and real-time visibility of their earnings, were offered support in terms of reduced joining amounts as well as a 30 per cent top-up for every recharge to the asset owner's Oyo Secure wallet. Partners whose financials are most affected by COVID-19 have been given steep take rate discounts up to almost 100 per cent waivers to support them throughout this tough time, Oyo said in a statement.

"Despite the significant economic pressures on the industry, Oyo is committed to doing what it can to help its partners during these testing times," said Sharad Saxena, Chief Supply Officer for Franchise Business at Oyo India and South Asia. The company operates in over 800 cities across 80 countries, including the United States, Europe, Britain, India, Middle East, Southeast Asia and Japan. (ANI)