On Wednesday, the prominent hospitality company OYO launched its first luxury hotel in Dubai under the brand ‘Palette,’ aiming to attract the growing number of Indian tourists visiting the city.
The move follows a significant rise in Indian visitors to Dubai, which reached 11.9 million in 2023. OYO, which boasts over 700 properties in the UAE, including more than 200 in Dubai, anticipates further growth in Indian tourist numbers due to relaxed visa policies.
“We have been seeing a surge in the number of Indian tourists asking for luxury accommodation in the region,” said Nitin Gupta, OYO’s Middle East business head.
OYO’s introduction of the Palette brand last year marks its strategic effort to expand its portfolio of upscale resorts and hotels, targeting premium travellers. The brand has properties in the US, the UAE, and Thailand. OYO plans to open around 13 self-operated Palette hotels by the end of this year.
This expansion comes as OYO focuses on enhancing its financial stability. The company recently withdrew its draft red herring prospectus from SEBI to finalize refinancing plans for its Term Loan B.
Earlier this year, OYO founder Ritesh Agarwal announced that the start-up achieved its first full year of profitability in FY24 with a net profit of approximately INR 100cr.
To read more on Real Estate, head to the link.
