NEW DELHI: IPO-bound Prism, the parent entity of OYO, said on Monday that it has launched 38 hotels across the United States (US) under Studio 6, the company’s extended-stay brand within G6 Hospitality. The expansion follows Prism’s around $525 million acquisition of G6 Hospitality. The portfolio includes hotels in New York, Dallas, Houston, Phoenix, Charlotte, St Louis, Richmond, Indianapolis, Las Vegas, Oakland, Greenville and Pasadena.
Prism said that most of these hotels have an average of approximately 100–120 rooms by way of which it aims to achieve operational efficiency while catering to a wide spectrum of long-stay demand.
Ritesh Agarwal, Founder and Chairman, PRISM said "In USA, we are seeing a shift towards longer-duration stays driven by project-based travel, medical staff, construction crew, temporary stays due to home renovation and a growing need for dependable, high-quality yet affordable accommodation. This expansion aims to bring a tech-enabled, operations-first approach to hospitality, while making efforts to ensure consistency, efficiency, and an elevated guest experience at scale.”
As per the company, these hotels aim to cater to a segment of travellers including corporate professionals on assignments, relocating families, and project-based workers, blending the comfort of home with the reliability of a hotel.
Prism believes that with longer guest durations, properties benefit from lower frequency of room turnover, reduced housekeeping intensity, and significantly lower customer acquisition costs. The company also believes that this will result in more stable occupancy and improved unit economics, potentially making it a resilient and attractive segment within the US hospitality market.
Following the launch of eight hotels in the first phase earlier this year, the current phase saw 30 hotels go live. “It also highlights PRISM’s efforts to transition from a domestic hospitality platform to a globally-scaled operator aiming to deliver service standards, operational oversight, and a consistent quality premium guest experience,” said the company.
