NEW YORK, April 2, 2020 /PRNewswire/ -- COVID-19 has
impacted the global hospitality industry significantly with
occupancies of various hotel chains being affected drastically. In
this unprecedented and difficult period, Ritesh Agarwal, the Founder & Group CEO, OYO
Hotels & Homes, has decided to forego 100% of his salary for
the rest of the year. The company's entire executive leadership
team has taken a voluntary pay cut starting at 25%, with many
opting for an additional uncapped amount, and some going up to 50%
to enable building the runway for the company. This would be
effective April 2020 and the entire
company is standing together to tide over these times.
It has been a matter of pride for OYO Hotels & Homes that it
has retained each and every single leader in the CXO group in the
history of the company, and in a difficult time like this, the
executive leadership has come together as one strong entity as true
partners of the company.
Commenting on the development, Ritesh
Agarwal, Founder & Group CEO said, "The
current situation the world over is deeply concerning to each and
every one of us. OYO is doing everything to support the world with
its limited resources in this pandemic from making isolation
centers to finding a safe place for first responders. Given the
current business situation, which is unprecedented for our industry
globally, I am foregoing 100% of my salary for the rest of the
year. I am grateful to my leadership team, that have also taken pay
cuts and support the company during these tough times. We at OYO
stand committed towards the fight against COVID-19 and will try to
do everything in our control to reach out and help people while
also ensuring long term success of the company, and our ability to
continue delivering on our mission to bring better living spaces
for all, at the right prices, globally. "
In line with the Government's direction, OYO has taken a series
of measures to accommodate frontline medical staff in the US. The
company has offered rooms across 300+ hotels for free to all
medical professionals, including doctors, nurses and
first-responders to ensure that they can take rest, shower or just
get off their feet and recharge. OYO is grateful for the bravery
and sacrifices all the medical personnel are making to save lives
and stop the spread of COVID-19.
About OYO Hotels and Homes
Opening its doors in 2013, OYO Hotels & Homes, a young hotel
startup, today is the world's leading chain of hotels and homes.
The portfolio combines fully operated real estate comprising more
than 43,000 hotels with over 1 million rooms. Through its vacation
homes business, the company offers travelers and city dwellers
access to over 130,000 homes around the world under OYO Home,
Belvilla, Danland, Dancenter and Germany-based Traum-Ferienwohnungen brands.
OYO today operates in over 800 cities in 80 countries, including
the U.S., Europe, U.K.,
India, Middle East, Southeast Asia, and Japan. For more information,
visit www.oyorooms.com.
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SOURCE OYO Hotels & Homes