Oyo appoints former Starbucks COO as independent board member

1st May 2020 (Last Updated May 1st, 2020 18:54)

Oyo Hotels & Homes has appointed former Starbucks chief operating officer Troy Alstead as an independent member of the company’s board of directors.

Oyo appoints former Starbucks COO as independent board member
Experts also advised against reducing average room rates due to limited demand Credit: ming dai from Pixabay.

Oyo Hotels & Homes has appointed former Starbucks chief operating officer Troy Alstead as an independent member of the company’s board of directors.

The board has experts such as Gerardo Issac Lopez, operating partner at SoftBank Vision Fund; Betsy Atkins, CEO & founder of Baja Corporation; Munish Varma, SoftBank Investment Advisers; Bejul Somaia, managing director, Lightspeed Venture Partners; and Mohit Bhatnagar, managing director, Sequoia Capital.

Alstead is also the founder, president, and CEO of Ocean5 and Table 47, which are based in Washington.

He is also part of the board of  Harley-Davidson, Levi Strauss & Co, and Topgolf Group.

OYO Hotels & Homes founder and group CEO Ritesh Agarwal said: “We are delighted to welcome Troy to OYO’s board of directors. Troy brings tremendous operating and governance experience that will help us continue delivering on our mission to help millions of middle-income people around the world gain access to quality accommodations at different price points.

“As we continue to grow and to deepen our relationships with asset owners and consumers around the world, we are fortunate to have seasoned professionals like Troy on our board of directors.”

Alstead said: “OYO, with its unique asset-light business model and strong data capabilities, is creating something entirely new for more than 3 billion middle-income travelers and city dwellers who need accommodations that meet their standards and also their budgets.”

Meanwhile, the SoftBank Group-backed Oyo intends to divest more properties across the world as coronavirus has restricted its quick expansion strategy, Reuters reported citing three sources familiar with the matter said.

With global and domestic travel almost at a halt because of lockdowns due to the pandemic, hospitality has been one of the worst-affected sectors.

Oyo does not intend to exit any market completely; instead it plans to end or not renew contracts on hotels that are making losses, reported the news agency citing two sources.