Accor will invest $50million in Oyo’s rival Treebo Hotels
Hospitality group Accor Hotels has announced that it invest up to $50 million in India’s Treebo Hotels.
Two sources close to the development told Indian business website Mint about the deal. The French-hospitality group has put a term sheet for an investment of around $50 million. This could get the hotel group a significant stake in Treebo, according to the source.
When Hotelier Middle East got in touch with Accor’s team in India, they refused to comment on the matter. Treebo that was founded by Sidharth Gupta, Rahul Chaudhary, and Kadam Jeet Jain in 2015, is Oyo hotels’ rival. A few months ago, there talks about Oyo investing in Treebo, however nothing concrete materialised from that.
Additively, a few months ago, Accor announced that its brand Raffles Hotels and Resorts will make its entry into the Indian market with two properties in Udaipur and Jaipur.
Source: Arabian Business
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