OYO renames parent company Oravel Stays as 'Prism'
What's the story
OYO's parent company, Oravel Stays, has been renamed Prism. The change was announced by Ritesh Agarwal, chairman and founder of the company. He said the new name will serve as an umbrella for all their diverse businesses and help them work more efficiently. "It will tie together our different brands without losing what makes each one unique," Agarwal wrote in a letter to shareholders.
Strategic alignment
'Prism' to be umbrella brand for all businesses
The transition to Prism is part of a larger strategy to align the company's growing portfolio with its long-term vision. Agarwal said, "Our OYO brand will continue to serve as the highly recognizable, consumer-facing identity for budget and midscale travel." He added that Prism will be the parent brand bringing together a diverse ecosystem of premium hospitality, extended-stay residences, celebration venues, luxury getaways and experiential living concepts.
Naming competition
Name was selected from over 6,000 entries
The name 'Prism' was selected from over 6,000 entries in a global public naming competition. Agarwal founded OYO in 2012 and it now serves more than 100 million customers across over 35 countries. The group's portfolio includes hotels under various brands like OYO, Motel 6, Townhouse, Sunday and Palette; vacation homes brands like Belvilla, DanCenter, CheckMyGuest and Studio Prestige; and extended stay brand Studio 6 (acquired through G6 Hospitality in the US).
Business expansion
OYO's portfolio includes hotels, vacation homes, workspaces
Along with hotels and vacation homes, OYO's portfolio also includes workspaces and celebration spaces through Innov8 and Weddingz.in. The group offers hospitality technology solutions such as AI-driven partner tools and data science platforms.