OYO forms JV with Softbank to launch hotel operations in Japan

New Delhi: Hospitality firm OYO on Thursday said it has commenced its hotel operations in Japan through a joint venture with Tokyo-based SoftBank Corp and SoftBank Vision Fund.

The joint venture, named as OYO Hotels Japan GK, will be led by Prasun Choudhary as the operating partner, OYO said in a statement. SoftBank Corp President and CEO Ken Miyauchi said,

"We are delighted to deliver OYO's innovative service to the Japanese market. Given our shared vision for a digital future, we are excited to support a Vision Fund portfolio company in deploying cutting edge technologies and services to Japan."

OYO Hotels Japan offers various values for owners such as dynamic pricing and reservation systems, contributing to the elimination of labour shortages and flexible pricing, he added.

"Combining OYO's most advanced business model with SoftBank Corp's knowledge of the Japanese market, we will provide brand-new hotel experience to travellers in Japan," Miyauchi said.

With OYO Hotels Japan, OYO aims to harness its business model and technology-led operational capabilities to offer convenient and comfortable accommodations to travellers and guests in Japan and create increased business opportunities for its partners, the statement said.

In similar vein, OYO Hotels and Homes Group CEO and Founder Ritesh Agarwal said,

"Japan is fast emerging as one of the most popular tourist destinations in Asia. We, at OYO Hotels & Homes, see this as a huge opportunity and are excited to contribute towards the growth of the local economy by promoting tourism."

We are delighted to have SoftBank Corp's support as always, as we gear up to enter the hospitality market in Japan, he said. OYO had recently announced the launch of housing rental business OYO Life in Japan.

Founded by Ritesh Agarwal in 2013, OYO Hotels and Homes operates hotels, homes and living spaces with footprints in more than 500 cities across 10 countries.