OYO's CiB financing facility announced for its asset owners

June 2, 2019
Share this Post: 

The hotel rooms giant will help business and asset owners finance their expansion and renovations costs

OYO Hotels & Homes has introduced a Cash-in-Bank (CiB) facility for its asset owners that will allow the latter to upgrade and renovate their properties, the second such initiative under its recently-launched partner engagement program.

Under the new financing facility, which is part of OYO’s partner engagement initiative that was introduced in April, asset owners can avail of collateral-free business loans to meet their expansion and renovation needs, the company said in an official press release.

“We believe this facility has the potential to be a game-changer for our asset owners and elevate their relationship with us,” Aditya Ghosh, Chief Executive of OYO India and South Asia, said in the official statement.

The company said that all new buildings onboarded by OYO, less than two months old, along with existing buildings that are under its OYO Rooms, Spot On and Capital O brands, are eligible to avail of the financing facility.

“As a direct outcome of our constant engagement with the asset owner partners under the aegis of OPEN - OYO Partner Engagement Network - we realized the need for providing a quick and hassle-free financing facility to cater to their expansion and renovation needs,” Ghosh said in the company-issued statement. 

According to the company, the CiB financing facility was set up, post requests for assistance by a large number of OYO’s asset owners, which cumulatively total 9,000, and are spread across 260 cities in India and South Asia, to help them finance expansions and secure loans from banks and NBFCs at discounted rates.

Read more here

Join us in Miami Beach, June 5-7 for the Global Online Marketplaces Summit.

Miabannermay12

June 2, 2019

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Nils K
Ringier's Nils Körber on ArtificiaI Intelligence, Training the Machine, and Talking about Problems

"What would you do with one million interns?" The award for the best question at the PropTech and Portal Watch...

Read More
Untitled Design 13
As OnTheMarket Hits 15,000 Advertisers, Zoopla Fights Back with Big Agency Deal

The British property portal Zoopla has announced a new long-term listings deal with Dexters, one of London's top agencies with...

Read More
Untitled Design 12
LeBonCoin Suffers Data Leak and Boliga Comes Under Cyber Attack on Same Weekend

LeBonCoin, the leading French horizontal marketplace owned by Adevinta, has acknowledged that some of its users' personal information was exposed...

Read More
Number 2S Challenging Hero Image 2
Analysis: Can Zoopla, Realtor.com and Domain See Off Challengers and Close the Gap to Market Leaders?

Well-funded challenger portals have been generating a lot of headlines in the industry recently. CoStar has been explicit about its...

Read More

Editor's Pick