OYO Introduces Palette: 13 Premium Self-Operated Hotels to Debut

By the end of this year, parent company of the well-known hospitality chain OYO, Oravel Stays, plans to launch 13 independently run hotels under the upscale "Palette" brand.

It will launch the idea by constructing a Palette hotel in Morbi, Gujarat, following an OYO Rooms model, the firm announced in a statement on Thursday, March 7.

According to Oravel Stays, the new hotel will be positioned to meet business travelers' demands in the nation's ceramic capital. With 48 rooms, it will meet the need for upscale lodging in the middle of the rapid economic expansion of the area.

Ten hotels under the Palette brand were originally introduced by Oravel Stays last year, with locations in Bengaluru, Hyderabad, Digha, Mumbai, Chennai, Jaipur, and Manesar.

In "high-growth and promising locations," the firm announced on Thursday that it will assume direct operational management of a few Palette hotels.

When finished by year's end, Oravel Stays will have 23 hotels operating under the new brand.

We can't wait to open our first independently run Palette hotel in Gujarat, and Morbi is the ideal place to do it. Morbi is a key market for us because of its expanding commercial potential and thriving economy, according to Aditya Sharma, company head of Oravel Stays.

It's interesting to note that the unicorn of hospitality has been playing with the brand Palette for a while. Under the moniker Palette Resorts, it made its entry into the upmarket hotel market known in 2018.

Finally, though on a smaller scale, it started testing the new service last year with a trial launch in several locations. In addition, the Gurugram-based firm manages sub-brands under its purview, including Capital O, Collection O, OYO Townhouse, and Townhouse Oak.

OYO, a hospitality startup founded in 2013 by Ritesh Agarwal, with the support of investors like SoftBank, Hero Enterprises, Lightspeed Venture Partners, Airbnb, and Innoven Capital.

OYO is preparing for a possible public listing by year-end with this new product. In addition to these advancements, OYO has had financial success.

OYO CEO Ritesh Aggarwal said last month that the company doubled its Profit after tax (PAT) to INR 30 Cr in Q3 FY24, marking the company's second straight successful quarter.