Global hospitality technology company OYO has entered into the premium resorts and hotels category with the launch of its new brand-Palette. Similar to the various colours on a ‘palette’, the company said it has curated a range of upscale resorts and hotels for travellers seeking a premium experience at competitive prices.
The move comes as a part of OYO’s ongoing efforts to make its premium property portfolio more versatile. Palette resorts will be strategically located in popular leisure destinations across India, while also catering to business leisure or bleisure travellers looking for quick getaways and staycations.
Owing to the rise of middle class and higher disposable income, luxury hotels and resorts segment is witnessing an unprecedented growth in India. Urban millennials and GenZ today are seeking more authentic and unique experiences, and don’t mind spending extra to attain the same. As per a recent FICCI report, Indian luxury hospitality market has projected an annual growth rate of 12.8 % between 2015 and 2025. The pan-India premium hotel occupancy will witness a decadal high of 70-72% in FY2024, as per ICRA.
OYO announced that it has started 10 Palette resorts as a pilot in cities like Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar and Bangalore. Further, the company will add 40 more Palette resorts to its portfolio by Q2 FY 2024. The expansion will encompass destinations like Delhi-NCR, Kolkata, Amritsar, Shimla, Goa, Udaipur, Pune, Mussoorie, Srinagar and Kochi.
Elaborating on the plan, Anuj Tejpal, Chief Merchant Officer, OYO said, “Today, travellers are seeking more than just a place to stay; they are craving unique and memorable experiences. This paradigm shift, fuelled by rising disposable incomes, has prompted us diversify our portfolio and introduce Palette brand. We have seen a very encouraging response for the existing 10 properties and the addition of new destinations will help us in having a more holistic portfolio for our guests.’”
Other premium brands under OYO’s umbrella include names such as Townhouse Oak, OYO Townhouse, Collection O, and Capital O. The company is planning to add 1800 new properties to its premium portfolio by the end of 2023.
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