Thomas Cook India taps into strong Indian appetite for standardised hotels
~Signs a strategic partnership with OYO Rooms for Standardised stays at ideal locations at a wide range of price points~
Mumbai, November 16, 2015: Thomas Cook (India) Ltd, India’s leading integrated travel and travel related financial Services Company has announced a strategic partnership with OYO Rooms, India's largest branded network of hotels offering access to over 3200 hotels, spread across over 140 cities pan India. The agreement, the first of its kind between a travel services company and OYO, offers India’s leisure and business travellers a unique standardised stay experience (AC rooms, complimentary breakfast and Wi-Fi with 24*7 customer service support) at an unmatched price.
According to Thomas Cook India’s research and analytics, India’s travellers today present a high potential market for standardised and value driven accommodation options. The Company’s data highlights a significant and increasing appetite from not merely leisure travellers (family and ad hoc groups), but clearly also from India’s business segmentthe SME and corporate traveller. With clear customer demand for elements like complimentary breakfast, WiFi and AC rooms, Thomas Cook India’s partnership with OYO Rooms aims at addressing this untapped market and with 3 fold
benefits- wide range of standardised stay options, optimal locations (both business and leisure areas) and maximised savings.
Commenting on the partnership, Mr. Abraham Alapatt, Chief Innovation Officer and Head -Marketing & Service Quality, Thomas Cook India said “Domestic Indian travellers today are demanding better value in the form of good quality, conveniently located, standardised accommodation and access to this, is in woefully short supply. Data also indicates, that the number of middle class Indian households is expected to grow exponentially- from 8.8 mn in 2015 to 43.6 mn in 2025 - in turn, driving this need further. Our partnership with OYO Rooms, offers us a wonderful platform to
tap this need & opportunity.”
He added, “Our pilot offering via this partnership, has seen a very positive response from across the corporate, leisure and business-cum-leisure segments, reinforcing our belief.”
Kavikrut, Chief Growth Officer, OYO Rooms says, “We are absolutely thrilled to join hands with one of the leading tour and travel operators in the country. We have seen a large number of corporate and leisure travellers choosing to travel with reputed partners like Thomas Cook, and through this partnership we hope to bring to them a great hotel experience which is predictable, affordable and easily accessible. At OYO Rooms, we are always looking for ways to enhance the travelling experience of customers, and our partnership with Thomas Cook is another step in that direction.”
About OYO Rooms:
OYO Rooms is India’s largest branded network of hotels founded by Ritesh Agarwal, India’s first graduate of the Thiel Fellowship, a program started by Paypal founder, Peter Thiel. OYO Rooms currently operates in more than 140 of India’s cities including Delhi, Gurgaon, Mumbai, Bangalore, Hyderabad, Goa, Chennai, Kolkata. OYO’s presence includes major metros, regional hubs, top leisure destinations, as well as pilgrimage towns. The company is backed by the world’s leading investors including the SoftBank Group, Greenoaks Capital, Sequoia Capital and Lightspeed India.
OYO Rooms promises comfortable premium delightful stays with features such as an air conditioned room, complimentary breakfast and Wi-Fi with 24x7 customer service support.
OYO Rooms has received several accolades including Business World Young Entrepreneur Award, TiE Lumis Business Excellence Awards, India International Travel Mart Award and Lufthansa ET Now Runway to Success Award.
For more information log on to www.oyorooms.com
About Thomas Cook (India) Limited:
Thomas Cook (India) Ltd (TCIL) is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Insurance, Visa & Passport services and E-Business. The company set up its first office in India in 1881.
TCIL’s footprint (exclusive of its subsidiaries) currently extends to over 232 locations (including 23 airport counters) in 95 cities across India, Mauritius & Sri Lanka and is supported by a strong partner network of 115 Gold Circle Partners and 112 Preferred Sales Agents in over 130 cities across India.
ICRA has upgraded the long term rating of Thomas Cook (India) Limited’s non-convertible debenture programme to ‘ICRA AA/Stable’. CRISIL has assigned a long term rating of CRISIL AA-/ stable outlook to the non convertible debenture programme and long term banking facilities and short term rating of CRISIL A1+ to TCIL’s banking facilities. Further, ICRA has assigned a rating of ‘ICRA AA /Stable’ to the company’s proposed preference share programme.
Thomas Cook (India) Ltd has been voted as Favourite Outbound Tour Operator at the Outlook Traveller Awards 2015, Best Tour Operator - Outbound at the CNBC AWAAZ Travel Awards 2015, 2014 & 2013 and Best Company providing Foreign Exchange at the CNBC AWAAZ Travel Awards 2015 & 2014; felicitated with Diamond Award for Exemplary Achievements in Visa Issuance at the French Ambassador's Travel Awards Ceremony 2015; Thomas Cook India’s Travel Quest was honoured with a Gold Award at PATA Gold Awards 2015; honored as India's Leading Tour Operator 2014, World Travel Awards Asia & Australasia 2014, Favourite Tour Operator at the Condé Nast Traveller Readers' Travel Awards 2014, 2013, 2012 & 2011 ,recognized as a Consumer Superbrand 2013-14 & 2012-2013 and National Tourism Awards 2013-2014. Thomas Cook India’s Centre of Learning has received IATA accreditation as “Top 10 South Asia IATA Authorized Training Centers”2015, 2013 &
Thomas Cook (India) Limited is promoted by Fairfax Financial Holdings Limited through its wholly-owned subsidiary, Fairbridge Capital (Mauritius) Limited and its controlled affiliates. Fairbridge is responsible for the execution of acquisition and investment opportunities in the Indian subcontinent on behalf of the Fairfax family of companies.
TCIL has announced the acquisition of Kuoni Travel (India) Private Limited, a travel operator in India, and Kuoni Travel (China) Limited, a premium travel operator in Hong Kong
About Fairfax Financial Holdings Limited:
Fairfax Financial Holdings Limited is a financial services holding company based in Canada with a global presence in insurance and reinsurance, as well as joint ventures including ICICI Lombard (India). The Company, founded in 1985 by the present Chairman and Chief Executive Officer, Prem Watsa, has over the past 30 years, demonstrated a strong and consistent financial track record. For the year ended December 31, 2014, Fairfax increased book value per share at a compounded annual growth rate of 21.1% since its inception with a corresponding compounded annual increase in share price 19.8% and had over US $36 billion of assets.
Fairfax is engaged in long term investments from its own resources, with a focus to delivering long term capital appreciation through a flexible and value oriented approach. Fairfax Financial Holdings through Thomas Cook (India) Ltd. owns 73.96% on a fully diluted basis of the Quess Corp Limited (formerly IKYA Human Capital Solutions Limited), a provider of specialised Human Resource related Services and 100% of Sterling Holiday Resorts Limited (formerly Thomas Cook Insurance Services (India) Limited) engaged in time share and resort business.
About Quess Corp Limited (formerly IKYA Human Capital Solutions Limited)
Quess Corp Ltd., India’s leading business services provider established in 2007. Headquartered in Bengaluru, the company has over 1,10,000 employees, serves over 1500 customers across 8 countries in more than 8000 locations. It has presence across 5 verticals namely, Global Technology Solutions, Industrial Asset Management, Integrated Facilities Management, People Services & Logistics and Growth Businesses Group.With revenues of about USD 400 million, Quess Corp Ltd. is a step-down subsidiary of USD 37+ billion (as of 30th Sept 2014) multinational, Fairfax Financial Holdings Group; held through its Indian listed subsidiary, Thomas Cook India Limited. For further details on Quess Corp Ltd. please visit: http://www.quesscorp.com
About Sterling Holiday Resorts Limited:
Sterling Holiday Resorts Limited, a pioneer in vacation ownership and a leading leisure hospitality company in India, was incorporated in 1986 with the vision of delivering great holiday experiences to Indian families. To achieve this vision, the company pioneered Vacation Ownership in India and set about building a network of leisure resorts at some of the best holiday destinations in India. Currently, Sterling Holidays has a total inventory of 1767 rooms spread across a network of 24 resorts in 21 scenic holiday destinations in India.
In pursuance of the Order of Hon’ble High Court, Bombay, dated 2nd July, 2015 sanctioning the Composite Scheme of Arrangement and Amalgamation between Sterling Holiday Resorts (India) Limited (SHRIL) and Thomas Cook Insurance Services (India) Limited (TCISIL) and Thomas Cook (India) Limited (TCIL) and their respective shareholders and creditors (Scheme), the time share and resort business division and undertaking of SHRIL was Demerged into TCISIL and the residual business of SHRIL was Amalgamated with TCIL.
Post implementation of composite scheme, Sterling Holiday Resorts Limited (formerly Thomas Cook Insurance Services (India) Limited) continued the time share and resort business.
The company also has 15 additional sites where it plans to add new resorts in the coming years. For more information visit: www.sterlingholidays.com
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