Fast-growing hotel chain OYO has appointed a CEO for Southeast Asia and the Middle East as part of the company’s aggressive expansion in these two regions.
The company announced in a press statement that Dr. Mandar Vaidya will be responsible for driving business growth for OYO in important markets that include Indonesia, Malaysia, the Philippines, Vietnam, UAE, and the Kingdom of Saudi Arabia.
Prior to joining OYO, Dr. Vaidya was working at McKinsey and Co. for 15 years, from 2002 to 2017 mostly in India with stints in Singapore and the UK. At Mckinsey, he was a partner and led the health services practice in India, and the hospitals practice for Asia.
Ritesh Agarwal, OYO’s founder and CEO, said in a statement that both Southeast Asia and the Middle East are “crucial to our international expansion strategy” as the chain aims to continue strengthening relations with asset owners in these regions.
In January, OYO announced that it would double investment in Southeast Asia to USD 200 million to achieve the goal of 2.5 million rooms by 2023. Its latest market entrance in the region was Vietnam, where last month OYO announced its plan to invest USD 50 million in the country to capitalize on its tourism potential.
OYO started entering the Middle East in October 2018 via the UAE followed by Saudi Arabia in February 2019.
Launched in 2013, OYO has been credited with transforming the budget hospitality market by using technology to support small and independent hotel owners to increase efficiency. The company recently claims it has become the world’s third-largest hotel chain by room counts.
The firm has raised more than USD 1 billion from SoftBank’s Vision Fund. Other major investors include Airbnb.