Reuters first to report SoftBank-backed Oyo to offload more loss-making hotels amid pandemic

Reuters was first to report that India’s Oyo Hotels and Homes, backed by SoftBank Group, plans to offload more properties around the world, as the coronavirus pandemic prompts it to speed up a retreat from a rapid global expansion. The hospitality sector has been one of the worst affected by the coronavirus outbreak, with global and domestic travel coming to a near-halt. While Oyo does not plan to completely exit any market, it will either terminate or not renew contracts with loss-making hotels.