SoftBank-backed OYO Hotels & Homes, the world’s sixth largest chain of leased and franchised hotels, homes and living spaces, plans to invest $50 million in Vietnam as part of an ongoing Southeast Asia expansion spree.

The firm on Tuesday said it now operates 90 hotels in the country with 1500 rooms under its ambit. These hotels are located in six cities, namely Hanoi, Ho Chi Minh City, Da Nang, Phu Quoc, Vang Tau and Nha Trang.
OYO plans to expand its presence in Vietnam to 10 cities and 20,000 rooms by 2020. 
‘’Vietnam is an important market for us in South East Asia. Vietnam offers an attractive market with sizeable internet and mobile presence, which complements our approach. Our priority here is to ensure that we bring OYO Hotels’ top-notch service to the country, with the goal to become Vietnam’s most loved hotel chain,” said Dushyant Dwibedy, Country Head, OYO Vietnam.
Its Vietnam foray comes after its entry into neighbouring Indonesia, Malaysia and the Philippines.
OYO has previously announced plans to invest over $100 million over the next five years to expand in Southeast Asia’s largest economy, Indonesia, which also accounts for a majority of properties run by rival RedDoorz.
The Indian unicorn had also announced a $50-million investment for its foray into the Philippines. 
OYO has been expanding across the globe over the last two years. Today, it’s present in over 80 countries, including the US, UK and Japan. Valued at over $5 billion, it has so far raised nearly $1.5 billion from investors such as SoftBank, Lightspeed Venture Partners and Sequoia Capital.
In May, it said it became the second-largest hotel group in China within 18 months of its foray into the country. It has committed to invest $600 million in its China business. 
OYO is now reportedly looking to raise $1 billion in fresh capital from new and existing investors at a valuation of $10 billion. 
It recently raised about $75 million in a Series E funding round from San Francisco-headquartered home renting firm Airbnb. While it is still unclear if the Series E funding round is now closed, Gurugram-based OYO has reportedly mopped up nearly $1.2 billion in fresh capital in this round, which began in September last year.
Source: Deal Street Asia.