India-based hotelier Oyo is retreating from its ambition to become the world’s biggest hotel chain by 2023 after a backlash from hotel owners and widening losses.
The SoftBank-backed franchiser has announced further job cuts and restructuring in the UK and US. Last month it culled around 2,000 staff, pulled out of 200 cities and removed over 1,000 hotels from its online platform.
Oyo rebrands and renovates independent hotels and promotes them on its platform, in some cases offering a guaranteed income.
