Oyo Hotels launches operations in Japan, announces joint venture with Yahoo

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NEW DELHI: Hotel start-up Oyo today announced the commencement of its operations in Japan through a joint venture with Yahoo Japan Corporation to form Oyo Technology and Hospitality Company, Japan.

Through this entity, Oyo will bring Oyo Living, re-christened Oyo Life, to Japan from next month. Oyo Life aims to enter the housing rental segment in the country, targeting the young and growing population of Japan, starting with students and young professionals.

Japanese entrepreneur Hiro Katsuse has been appointed the CEO of the newly formed joint venture company.

“This new entity will be focused on creating unique living experiences for Japanese citizens, students, and young professionals, looking for good quality affordable accommodations, starting with our fully managed homes brand – Oyo Life," said Ritesh Agarwal, CEO and founder, OYO Hotels and Homes, in a statement.

Kentaro Kawabe, CEO, Yahoo! Japan, said through this joint venture they will deliver good quality fully managed homes at affordable prices. "With our local know-how, online distribution network and marketing support, Oyo Life will soon emerge as the most preferred abode for the Japanese citizens and visitors in the country," he said.

According to Oyo, the home rental real estate industry is growing and has a market size of 12 trillion yen. Oyo Life provides apartments, homes, and shared spaces with essential amenities like furniture, Wi-Fi connectivity, TV, electronic household appliances, regular housekeeping, CCTV surveillance, and security.

 Describing it as a product built in Japan for Japanese customers, Hiro Katsuse, CEO of the joint venture, said pre-registration is now available for stays starting March. “With the launch of Oyo Life, we are all set to leverage Oy’s hospitality experience to offer a first of its kind, end to end fully managed housing experience," he said.