OYO launches OPEN programme for asset owners

OPEN is founded on four key pillars promises to partners, supporting growth, engagement, and recognition of asset partners, OYO CEO India and South Asia Aditya Ghosh told reporters here.

New Delhi: Hospitality firm OYO on Thursday launched its year-long initiative, OYO partner engagement network (OPEN), to help it's over 8,700 asset owner partners in India reach their business goals.

OPEN is founded on four key pillars -- promises to partners, supporting growth, engagement, and recognition of asset partners, OYO CEO India and South Asia Aditya Ghosh told reporters here.

Commitment to partners constitute six core promises including transparent payment protocols, financial support, multiple touch points to connect, marketing excellence, tech innovation and regulatory compliance assistance, he added.

Commenting on the launch, Ghosh said: "With the launch of OPEN, we are laying the foundations of a structured way of exchanging ideas, providing support and most importantly, building a relationship of trust on which we hope to build the next several decades to come."

This is an industry-first initiative in the hospitality space, he added.

As part of the promise of regulatory compliance assistance, OYO will also help asset owners navigate regulatory and compliance requirements for business continuity and provide access to a pan-India list of local legal and accounting firms that specialise in industry requirements, Ghosh said.

As for the transparent payment protocols promise, the asset owners will receive 18 per cent interest on delayed payments and resolution for exceptions will be done before the due date, he added.

The company has also launched Co-OYO app which will transparently provide business metrics, Ghosh said.

Through the Co-OYO app, asset owners can have complete visibility on cash flows, business performance, pricing, customer reviews and recommendations, he added.

"At OYO, we are on a mission to create quality living spaces and make it accessible and affordable for millions of our customers and we cannot do this without the active support and encouragement of our asset owner partners," Ghosh said.

OYO Hotels and Homes currently has over 8,700 asset owners in India, across over 259 cities with a room count of around 176,000 rooms.

The company had recently announced an investment commitment of Rs 1,400 crore for the current fiscal in India and South Asia.