Chennai: Global hospitality technology company OYO has entered premium resorts and hotels category with the launch of its new brand-Palette. Similar to the various colours on a ‘palette’, the company has curated a range of upscale resorts and hotels for travellers seeking a premium experience at competitive prices.
The move comes as a part of OYO’s ongoing efforts to make its premium property portfolio more versatile. Palette resorts will be strategically located in popular leisure destinations across India, while also catering to business leisure or bleisure travellers looking for quick getaways and staycations.
Owing to the rise of middle class and higher disposable income, luxury hotels and resorts segment is witnessing an unprecedented growth in India. Urban millennials and GenZ today are seeking more authentic and unique experiences, and don’t mind spending extra to attain the same. As per a recent FICCI report, Indian luxury hospitality market has projected an annual growth rate of 12.8 % between 2015 and 2025. The pan-India premium hotel occupancy will witness a decadal high of 70-72% in FY2024, as per ICRA.
