Ritesh Agarwal says over 10 lakh people used OYO rooms on NYE. 'Our users are certified night owls'

'The New Year is off to an incredible start,' said OYO founder and CEO Ritesh Agarwal. (Image credit: @riteshagar/X)

Ritesh Agarwal on Tuesday said that more than 10 lakh people booked rooms using OYO for New Year's Eve. It marked a 58 percent increase in bookings from 2023.

"The New Year is off to an incredible start, with over 1.1 million travellers staying with us worldwide this NYE," the CEO wrote on X. "It’s clear the world is ready to celebrate, and we’re proud to be part of this exciting journey. Here’s to more memorable stays and unforgettable moments in 2025!"

In a separate post, he added, "Our users are certified night owls: There was a 41 percent spike in traffic at 2 am!"

The New Year is off to an incredible start, with over 1.1 million travellers staying with us worldwide this NYEmarking a remarkable 58% increase from 2023, with the addition of Motel 6 and Studio 6 to our family.Its clear the world is ready to celebrate, and were proud to be pic.twitter.com/VSwxWeBxbA
Ritesh Agarwal (@riteshagar) December 31, 2024

This comes a week after OYO completed its acquisition of G6 Hospitality, which operates lodging franchisor brands Motel 6 and Studio 6, from Blackstone Real Estate for $525 million (Rs 4,463 crore) in an all-cash transaction. Around the same time, the Gurugram-based company had also posted its first-ever profit after tax of approximately Rs 229 crore in FY24, followed by a profit of Rs 132 crore in Q1 FY25.

Ankit Tandon, Global CBO and Head of M&A at Oyo expects the acquisition to be “value accretive” due to G6’s strong brand franchise in the US, and potential for growth and synergies.

The deal is projected to increase OYO's earnings before interest, taxes, depreciation, and amortization (EBITDA) to over Rs 2,000 crore in FY26. Motel 6 is expected to contribute an EBITDA of over Rs 630 crore in the coming financial year, which will be the first full year of its integration, the company said.

“Our success in Europe, where we nearly tripled EBITDA through strategic synergies for our vacation homes business, has given us a clear roadmap for value creation,” he said.