Oyo to tap into corporate segment with Novascotia Boutique Homes

By : |March 19, 2018 0

Gurgaon-based, hotel aggregator Oyo has acquired Chennai-based service apartment operator Novascotia Boutique Homes marking Oyo’s entry into the service apartment and corporate executive stay segment. The development was first reported by ET.

According to the report, the negotiations for the deal started last October and the purchase came in for about $1 million.

Founded by G Madhu Manohar and Girja Madhu, Chennai’s Novascotia Boutique Homes manages nearly 400 rooms in five cities – Chennai, Coimbatore, Hyderabad, Kochi, and Trivandrum. It offers services including pantry, laundry, housekeeping and on-demand transportation amongst others. Some of its corporate clients include EY, Cognizant Technologies etc.

                                 

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Besides tapping into the corporate segment, the acquisition will also provide Oyo with an upper hand in the southern region of the country. Oyo manages about 16,000 rooms in 900 exclusive hotels across Andhra Pradesh, Karnataka, Kerala, TamilNadu amongst others.

Oyo had earlier entered into negotiations to acquire smaller rival Zo Rooms, but in October last year terminated the negotiations stating that it had failed to identify any “potential value” in the latter’s business.

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