OYO appoints Rohit Kapoor as head of its New Real Estate Business

OYO appoints Rohit Kapoor as head of its New Real Estate Business

December 29, 2018 in Investment News, Real Estate News

Hospitality chain OYO Hotels & Homes has named former Max Healthcare senior executive Rohit Kapoor as the head of its new real estate business, the Gurgaon-headquartered company announced on Tuesday.

The appointment, effective December 6, will see Kapoor spearhead new real estate business opportunities for the company, which will include exploring new domains and categories, and other strategic initiatives, according to an official statement.
“While we continue to grow our hospitality business, new real estate initiatives such as this will play a key role in driving the next wave of growth at OYO,” Ritesh Agarwal, OYO Group Chief Executive, stated in the company-issued release.

Kapoor, who will report to Agarwal, will be responsible for growing OYO’s business in India as well as across international markets, through strategic partnerships and investment opportunities, the statement added.
“From one property in Gurgaon, to now over 12,000 franchised and leased assets in over seven countries and 500-plus cities, from budget hotels to its more recent foray into resorts business, and most recently its bold entry into the housing business, makes one thing really clear, this place is the perfect combination of ambition and ability,” Kapoor said.

Prior to joining OYO, Kapoor was the executive director and a member of the board at Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa.

“With Rohit taking on this mantle, we are confident that he will be able to help OYO Hotels & Homes set new benchmarks in the accommodations business and evaluate new opportunities in the real estate industry,” Agarwal said.
According to the press statement, prior to his stint at Max Healthcare, Kapoor, an Indian School of Business alum, spent close to a decade with McKinsey & Company as a consultant.

SoftBank-backed OYO has emerged as one of the largest hospitality chains in the country but has announced its entry into a number of new categories, apart from the budget hotel segment. Last month, it launched OYO Living, the long-stay managed home rentals space.

Kapoor’s appointment follows the company’s announcement earlier this month, naming former IndiGo President Aditya Ghosh as its chief executive for India and South Asia.
Additionally, the company, which now counts China as a home market, alongside India, has brought on board several well-known executives from leading consumer internet ventures, to lead its operations in the world’s second-largest economy.

Last week, ET was the first to report that OYO had hired Wilson Li as its chief financial officer for its operations in the country. Prior to joining OYO, Li used to be the finance and operations head at a listed car rental major Car Inc.

Separately, it has also brought on board Google and Uber executive Jia Zou as its technology head and Tony Liang, formerly with Wanda, SF Express and Dianping, as its chief human resources officer.

In an interview with ET, Agarwal had said that OYO, which was valued at $5.5 billion post its last ending round, currently manages 1,80,000 rooms across 4,000 leased and franchised properties in China. The six-year-old company manages 1,49,000 rooms in India and South Asia.

Sources: ealty.economictimes.indiatimes.com

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