SoftBank partners Oravel to check into premium hotels
SoftBank, known for its bold technology bets, is expanding its hospitality presence in India with a new category of premium hotels and five-star hotels, people familiar with the developments told ET.
The Japanese conglomerate has partnered with Oravel Stays, the parent of hotel chain Oyo, to operate these hotels. Under a joint venture arrangement called ‘Mountainia’ the companies have drawn up a plan to open four- and five-star hotels under the ‘Sunday’ brand name across fast-growing tier two Indian cities, the people cited above said.
Elevate Your Tech Prowess with High-Value Skill Courses
Offering CollegeCourseWebsiteIndian School of BusinessISB Professional Certificate in Product ManagementVisitIndian School of BusinessISB Digital TransformationVisitIIM LucknowIIML Executive Programme in Data ScienceVisitIndian School of BusinessISB Digital Marketing and AnalyticsVisitSoftBank and Oravel Stays already had a joint venture arrangement in place with some pre-committed capital a few years back, and now that is being activated with precommitted capital being deployed to launch the new hotels.
The companies have already opened the first hotel in Jaipur with plans to open four more Sunday hotels by the end of the year. One of the persons cited above said the company is looking to “redefine” premium and luxury hotel experiences for travellers.
“The premium travel space in India has been growing very rapidly and consumers are showing a strong preference for high-end offerings,” the person said.
“Non-metro tier-1 and lately, even tier-2 cities offer the right balance for launching more hotels with their growing affluence. There's also less competition in premium hotel categories and well-priced hotel assets space in these
