Japanese technology investor SoftBank and Oravel, the parent company of OYO, have come together to establish a joint venture (JV) to launch a premium hotel chain in India. In this venture, both partners share 49.9% stake, reported yourstory.
The joint venture named as Mountainia, plans to introduce 5-star and 4-star hotels under the brand name ‘Sunday’ in rapidly growing Tier II Indian cities.
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“The company is looking to redefine luxury hotel experiences for travellers with the new venture, ” a spokesperson familiar with the matter told yourstory.
The first of the series of ‘Sunday’ hotel, named ‘Sunday Jaipur’ has been opened in the city-centre of Jaipur. It offers luxury facilities with convenient access to key landmarks, including airport and railway station. The hotel features 90 rooms, a bar, restaurant, spa, and meeting spaces. The Japan-headquartered global conglomerate, SoftBank and Oravel Stays joint venture intends to open four more Sunday hotels by the end of 2023.
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“The premium travel space in India has been growing very rapidly and the consumers are showing a strong preference for high end offerings. ” spokesperson said. He added, “Non-metro first tier and lately even second-tier cities offer the right balance of growing affluence with less competition in the premium hotel categories and well-priced hotel assets,” which aligns with the the decision to open hotels in Tier II Indian cities.
The Sunday hotel chain will be managed by JV partner Oravel while utilising its operating entity, while capital investments will be provided by the JV. SoftBank already holds a hotel joint venture with Oravel named Tabist in Japan, reported yourstory.
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Updated: 22 Sep 2023, 02:03 PM IST