OYO Hotels & Homes – South Asia’s largest, China’s 2nd largest, and the world's 6th largest chain of hotels, homes, and quality spaces – in an effort to uphold its commitment to the highest standards of compliance, integrity and ethics, today announced that taking an inspiration from JD.com, OYO Jiudian, has set up an integrity committee in China, with representation from select senior leadership members and third-party representatives, as a forward-looking measure to help the company maintain a high level of integrity and transparency in running day to day business, while it witnesses unprecedented growth and strong business performance in the country. Today, OYO is in 8000+ hotels and 400,000 rooms across 290+ cities, and every building that becomes a part of OYO’s chain witnesses increased occupancy from 25% to 65% in few months time.
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China: Value Delivered to Asset Owners – Delivering 2X Jump in Occupancy in Few Months
The integrity committee meets on a regular basis to take important decisions with respect to day to day operations, ways of working for employees, and other business stakeholders like asset owners. In a bold move, the committee that has a zero-tolerance policy towards unethical practices has directed the discharge of over 25 employees in China of their duties, for misconduct and issued a strong warning to over 110 employees. While the majority of offenses involve sums as small as RMB 10, the sharpened focus on integrity and corporate governance have resulted in this bold move. OYO’s newly constituted integrity committee has been at the forefront of ensuring compliance across all levels of the organization in China. The company also confirmed that it has delisted two hotels in the last two months, subject to fulfillment of quality standards and other customer experience checks as part of its comprehensive quality assurance program for all the 8000+ hotels that are part of its chain in China.
Source: Newsvior