Ritesh Agarwal, the founder & group CEO of OYO Hotels & Homes, has decided to forego 100% of his salary for the rest of the year to help the company ‘tide over’ during the Covid-19 outbreak.
The company’s entire executive leadership team has also taken a voluntary pay cut starting at 25%, with many opting for an additional uncapped amount, and some going up to 50% to enable building the runway for the company.
This would be effective April 2020.
OYO UK announced earlier this week that it is keeping over 2,000 rooms open to accommodate key workers, introducing a significantly reduced fixed rate pricing across its UK properties to remove unpredictability, allowing individuals and businesses to budget for contingency accommodation.
OYO is also in talks with local councils to see if any of its hotels can be used for alternative purposes, such as interim accommodation for those in need.
Last week, it was announced that Cardiff Council had taken over OYO Cardiff Central Hotel to increase provision for homeless people.
Commenting on the development, Ritesh Agarwal, founder and group CEO said: “OYO is doing everything to support the world with its limited resources in this pandemic from making isolation centres to finding a safe place for first responders. Given the current business situation, which is unprecedented for our industry globally, I am foregoing 100% of my salary for the rest of the year. I am grateful to my leadership team, who have also taken pay cuts and support the company during these tough times.”
Opening its doors in 2013, OYO Hotels & Homes portfolio combines fully operated real estate comprising more than 43,000 hotels with over 1 million rooms.