OYO OPENs Another Door For Owners, Announces Another Industry-First Initiative, Cash In Bank - GADGETS & INNOVATIONS

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Wednesday, May 29, 2019

OYO OPENs Another Door For Owners, Announces Another Industry-First Initiative, Cash In Bank





Through this facility, OYO provides better renovation assistance to asset owners in the form of easy to avail, hassle-free and collateral-free trade advances within 48 hours


OYO Hotels & Homes, South Asia’s largest, China’s second largest, and the world’s sixth largest and fastest-growing chain of leased and franchised hotels, homes& living spaces, announced the second big initiative under its ongoing OYO Partner Engagement Network (OPEN) initiative - Cash in Bank (CiB) facility. With CiB, an industry first initiative, asset owners across India can benefit from quick, hassle-free and collateral-free business advances to upgrade or renovate their buildings, with the never seen before ease, turnaround time and convenience.


This will further help asset owners to create a never seen before “Chic, Pop, Energetic” look and feel that can further help them improve the guest experience and further improve the direct and repeat rate that’s already approximately 90%.


OPEN was inaugurated in April 2019 wherein OYO had made 3 key announcements - 6 core partner promises, an upgraded Co-OYO app for asset owners to monitor progress and a dedicated microsite for stronger interaction and engagement amongst the OYO India asset owner community.


The launch of Cash in Bank facility is the second big initiative under the year-long OPEN programme and is the result of continuous engagement with asset owners across the country. Many of whom, asked the company to help them with financing expansions apart from the existing arrangement of securing loans from banking and non-banking financial institutions at discounted rates.


To begin with, all the new buildings onboarded by OYO (less than 2 months old) and all the existing buildings of OYO (OYO Rooms, Spot on and Capital O brands only) are eligible to apply for Cash in Bank facility. OYO will provide a simple CIB Calculator which will allow asset owners to just enter the building code and the business advance amount required along with the tenure of the advance. Powered with data and AI capabilities, the calculator will instantly and accurately tell them whether the building is eligible for the advance along with the charges applicable.


Additionally, this calculator will also provide them with the maximum amount eligible for that building. In order to cover the financial risks involved in an unsecured, collateral-free business advance, OYO will be charging a minimal service fee to the asset owner over and above the monthly installments to repay the principal amount.  This industry-first initiative will ensure that asset owners are able to meet their judiciary requirements for renovations and upgradation work within 48 hours without the need for any supporting collateral.


OYO Hotels and Homes place immense trust in its 9000+ strong Hotel community across nearly 260 cities in India and aims to continue to innovate and provide the necessary support and assistance to its growing entrepreneurial network. 


For asset owners, OYO Hotels & Homes has already invested over thousands of crores in CapEx, appointed hundreds of GMs to oversee operations and customer experience, and set up 27+ training institutes to help standardize and globalize the hospitality experience.





New Delhi, 29 May, 2019

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