Hospitality Breaking NewsChina Lodging Group, a leading and fast-growing multi-brand hotel group in China, has announced that it has entered into a five-year Memorandum of Understanding (MoU) with OYO to facilitate and strengthen collaboration to build a global, market-leading hospitality business. Under the MoU, China Lodging Group and OYO will explore opportunities for mutual collaboration in knowledge and technology sharing, strategic alliances and partnerships in various areas, new venture partnership opportunities, and investment. China Lodging Group has agreed to make a $10 million equity investment in OYO to become a minority shareholder of less than 5 per cent.
Speaking about the partnership, Ritesh Agarwal, Founder and CEO, OYO, said, “We are very excited about this partnership, both in terms of potential opportunities and existing synergies through our complementary strengths and capabilities. China Lodging Group has a visionary and experienced leadership team and hotel operations expertise, especially in managing large properties. Addressing consumers in India and China through our combined strengths, opens up a very large and significant growth opportunity.”