Chennai: Global hospitality technology company OYO has entered premium resorts and hotels category with the launch of its new brand-Palette. Similar to the various colours on a ‘palette’, the company has curated a range of upscale resorts and hotels for travellers seeking a premium experience at competitive prices.
The move comes as a part of OYO’s ongoing efforts to make its premium property portfolio more versatile. Palette resorts will be strategically located in popular leisure destinations across India, while also catering to business leisure or bleisure travellers looking for quick getaways and staycations.
Owing to the rise of middle class and higher disposable income, luxury hotels and resorts segment is witnessing an unprecedented growth in India. Urban millennials and GenZ today are seeking more authentic and unique experiences, and don’t mind spending extra to attain the same. As per a recent FICCI report, Indian luxury hospitality market has projected an annual growth rate of 12.8 % between 2015 and 2025. The pan-India premium hotel occupancy will witness a decadal high of 70-72% in FY2024, as per ICRA
Palette – Rani Bagh Resort, Jaipur
In tandem with this, the Palette category has been curated keeping mind the evolving needs of new age travellers. From elegantly designed rooms and serene spaces to fine dining experiences and recreational activities, Palette resorts are equipped with all modern amenities for a rejuvenating experience.
OYO has started 10 Palette resorts as a pilot in cities like Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar and Bangalore. The company will add 40 more Palette resorts to its portfolio by Q2 FY 2024. The expansion will encompass destinations like Delhi-NCR, Kolkata, Amritsar, Shimla, Goa, Udaipur, Pune, Mussoorie, Srinagar and Kochi.
Elaborating on the plan, Anuj Tejpal, Chief Merchant Officer, OYO said, “Today, travellers are seeking more than just a place to stay; they are craving unique and memorable experiences. This paradigm shift, fuelled by rising disposable incomes, has prompted us diversify our portfolio and introduce Palette brand. We have seen a very encouraging response for the existing 10 properties and the addition of new destinations will help us in having a more holistic portfolio for our guests’”
Commenting on his association with OYO, Arun Elango, Owner, Palette – Coastal Grand Hotels & Resorts said: “I am delighted to be a part of this exciting new venture by OYO- it has been a very positive and enriching experience so far. The partnership has helped me in showcasing the uniqueness of my resort while benefitting from the extensive reach and operational expertise of OYO. It has been instrumental in elevating the quality of service and experiences we offer to our guests. I am excited about the future and prospects that this partnership holds.”
Other premium brands under OYO’s umbrella include names such as Townhouse Oak, OYO Townhouse, Collection O, and Capital O. The company is planning to add 1800 new properties to its premium portfolio by the end of 2023.
OYO hotels can be booked through a simple three click booking process on OYO Hotels app. Customers choose OYO’s platform for many reasons, including accessibility to hotels at competitive prices, quality accommodation, ease of use of the app, personalization, and flexibility of the platform. Customers can also resolve their queries quickly with OYO’s 24*7 chatbot – Yo! Chat.
