OYO on Monday announced the opening of its first luxury hotel in Dubai, the Palette Royal Reflections Hotel and Spa, with an aim to capitalize on the growing number of Indian tourists visiting the Gulf city.
The move is an important step for the IPO-ready company as it looks to expand its collection of high-end properties worldwide.
The launch follows Dubai’s recent relaxation of visa regulations for Indian tourists, prompting OYO to expect an increase in Indian visitors to the city in 2024.
“OYO expects more than 1 million Indian tourists to visit Dubai this year. Dubai has long been a favorite destination for Indian travelers thanks to its luxury shopping, stunning architecture and vibrant culture. The launch is set to welcome the emirate to a record number of Indian tourists in 2024” OYO said.
This initiative is part of OYO’s strategy to enhance its presence in the premium real estate sector globally, especially in the Middle East region.
OYO currently operates more than 700 properties across the UAE, with more than 200 specifically located in Dubai, underpinning its strong foothold in the region.
India is the largest market for Dubai tourism, with 11.9 million visitors from the country in 2023, followed by Saudi Arabia and the United Kingdom with 6.7 million and 5.9 million tourists respectively.
“We have seen a growing demand from Indian tourists looking for luxury accommodation in the area. OYO aims to cater to these needs with this new venture in Dubai,” Nitin Gupta, head of OYO’s Middle East business, told PTI.
Palette Royal Reflections Hotel and Spa is expected to further enrich OYO’s offerings in Dubai’s vibrant hospitality world.