Oyo, a hospitality company, is expanding the footprint of its premium vacation home rental brand, Belvilla, by launching Belvilla by Oyo in the UK. Through a partnership with Sojo Stays, an apartment rental chain in the UK, Belvilla will offer a curated collection of homes in prime locations across London, Milton Keynes, Birmingham, Sheffield, and Leeds. Prices for the homes are expected to range from £80 to £120 per night outside London, with average nightly rates for properties in London expected to be around £150. Guests can book the homes for both short-term and longer stays via the Belvilla platform, as well as through platforms like Airbnb and Booking.com.
Oyo’s co-founder and CEO, Ritesh Agarwal, has expressed optimism about the company’s growth not only in India but also in key markets such as the Nordics, South East Asia, the US, and the UK. Oyo has more than 50,000 homes in over 20 countries across Europe, including Austria, Netherlands, Belgium, Germany, France, Italy, and Spain. Belvilla by Oyo has also expanded into Asia, with a recent launch in Indonesia. The company aims to have 500 Belvilla vacation homes by the end of 2024. Oyo’s CEO of international operations, Gautam Swaroop, credits the company’s experience operating Belvilla holiday homes in Europe for its successful expansion into the UK market.
In addition to its expansion in Europe and Asia, Oyo is also focused on increasing its presence in the US. The company plans to add over 250 hotels in the US this year, following the addition of 100 hotels last year. Oyo first entered the UK market in September 2018, marking its initial move beyond its core Asian territories. By 2023, Oyo’s UK operations had seen a 140% increase in revenue, surpassing pre-pandemic levels from 2019. The company had over 150 small hotels in more than 65 cities in its UK network.
The launch of Belvilla by Oyo in the UK is part of the company’s strategy to diversify its geographic footprint and capitalize on emerging travel trends. The partnership with Sojo Stays in the UK allows Oyo to offer a range of premium vacation homes in key UK cities, catering to both short-term and longer stays. Oyo’s expansion into new markets like the UK reflects its commitment to growth and innovation in the global hospitality industry. The company’s focus on customer satisfaction and financial performance, as evidenced by its first profitable financial year and positive EBITDA, highlights its continued success and potential for future growth.
