India's Oyo Hotels and Homes, backed by SoftBank Group , plans to offload more properties around the world, three sources familiar with the matter said, as the coronavirus pandemic prompts it to speed up a retreat from a rapid global expansion.
), plans to offload more properties around the world, three sources familiar with the matter said, as the coronavirus pandemic prompts it to speed up a retreat from a rapid global expansion.
While Oyo does not plan to completely exit any market, it will either terminate or not renew contracts with loss-making hotels, two of the sources said. The retreat comes just a year after a heady expansion beyond India and China into Europe, Southeast Asia and the United States, which made Oyo one of the world’s biggest hospitality brands by room count. However, the push also widened its losses to $335 million last year.
Other large hotel operators like Marriott International have also abandoned their financial outlooks and furloughed staff to conserve cash.
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