The evening news of September 25, Sina Technologies News, OYO Hotel announced today that it had received $1 billion in financing, including $600 million in investment in China. This round of financing is led by Softbank, with investment institutions such as Light Speed Capital, Sequoia Capital and Greenoaks Capital.
According to OYO Hotel, OYO Hotel has received a total investment of $800 million in this round of financing. In addition, it has confirmed that it has received an investment commitment of $200 million, bringing the total global financing to $1 billion.
OYO Hotel was founded jointly by a local Chinese team. It opened its first hotel in Shenzhen in November 2017. It began to develop rapidly through franchising, trusteeship and leasing.
Li Wei, OYO's Chinese partner and chief financial officer, said the round of financing will be used to enhance corporate capabilities, such as the formation of OYO Hotel Management College, continued to increase investment in small hotels, as well as leasing operations and joining a larger number of high-quality living space.
"We will continue to implement sustainable development plans and plans in the coming years. China's chain hotel market has great potential. In the next decade, the upgrade of consumption in the 3456 front-line cities will contain tremendous market opportunities. In the past 300 days, our footprints have spread over 180 cities in China, with more than 87,000 rooms. Livy said. (Zhang Jun)
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