The business has also initiated cost cutting measures by eliminating all non-essential expenses to limit the dent on the company’s financials during this period.
Hospitality chain OYO says the financial impact of the recent lockdowns and government imposed travel restrictions on its operations in the GCC market was lower than most of the global hotel chains.
The Delhi-NCR-headquartered hospitality chain also said OYO is currently fully operational in the UAE and Saudi Arabia, barring a small number of partners who have chosen to keep their properties closed for various reasons.
“Our revenue fell and occupancies dropped by over 50-60 per cent. This is lower than the industry benchmark where global leading hotel chains have experienced drops in revenues by as much as 75 per cent,” Manu Midha, OYO’s Middle East Head, told Arabian Business in an exclusive interview.
