OYO Hotels & Homes Appoints Troy Alstead as Independent Member of the Board

USA, New York City, New York. May 25, 2020

OYO Hotels & Homes announced the appointment of Troy Alstead as an independent member of the company's board of directors. He will join the board that has Industry experts like Gerardo Issac (Gerry) 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 and Aditya Ghosh making it a powerful, diverse, and truly global combination.

As an independent member of the Board, Troy will play a supervisory role and provide guidance to the Founder and the management on key business decisions. His depth of experience in operations, financial management, business resilience planning and growth cycle management will strengthen the company's ability to deliver on sustainable growth, operational and service excellence, and help us continue building a strong culture of corporate governance.

Troy Alstead

Troy's experience from ground-up in building the solid foundations of Starbucks Corporation through 24 years of dedicated service to the company, having most recently served as Chief Operating Officer, (responsible for leading the global operations of the business and its family of brands around the world), is a treasure-trove of knowledge and business resilience. Troy Alstead is founder, president, and CEO of Ocean5, the unique new place for playing, meeting, and dining, and Table 47, the new farm-to-table, fresh from the scratch restaurant, both located in Gig Harbor, Washington. His ability to determine what the new-age customer needs and curate a product that successfully helps satisfy the said need, at scale will be valuable as OYO goes about its journey of helping people live the good life. He is also on the Board of Topgolf Group Ltd, Harley-Davidson Inc, and Levi Strauss & Co.

"We are delighted to welcome Troy to OYO's board of directors," said Ritesh Agarwal, Founder and Group CEO, OYO Hotels & Homes. "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."

"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," said Troy Alstead. "I look forward to working with Ritesh, the management team, and my fellow board members as OYO strives to become the world's most beloved and preferred hotel brand," he added.

Known worldwide as a new age young hospitality startup, OYO Hotels & Homes has attracted some of the world's leading investors, including Airbnb Inc., SoftBank Vision Fund, Sequoia Capital, Lightspeed, and Hero Enterprise. Ritesh Agarwal, now 26, founded OYO when he was only 19 years old. He has been lauded with several honors since starting his Company, including the Forbes 30 under 30 in Consumer Tech, Fortune 40 under 40 and the Businessworld Young Entrepreneur Award, and is the first resident Asian to be accepted to the Thiel Fellowship.

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Food & Beverage: New Technological Innovations

In the past few years, hotel food and beverage departments have experienced significant growth. Managers are realizing just how much revenue potential this sector holds, both in terms of additional revenue and as a means to enhance the guest experience. As a result, substantial investments are being made in F&B operations as a way to satisfy hotel guests but also to keep pace with the competition. Though it has been a trend for many years, the Farm-to-Table movement shows no signs of abating. Hotel chains are abandoning corporate restaurants and are instead partnering with local chefs to create locally-influenced dining options. Local, farm-sourced ingredients paired with specialty beverages or local wine also satisfies the increasing demand from Millennial travelers who are eager to travel sustainably and contribute to a positive impact. A farm-to-table F&B program also helps to support the local economy, which builds community goodwill. Also popular are "Self-Serv" and "Grab & Go" options. These concepts stem from an awareness that a guest's time is limited and if a hotel can supply them with fast, fresh, food and beverage choices, then so much the better for them. Plus, by placing these specialty kiosks in areas that might be traditionally under-utilized (the lobby, for instance), they can become popular destination locations. Of course, there are new technological innovations as well. In-room, on-screen menus allow guests to order from any restaurant on the property, and some hotels are partnering with delivery companies that make it possible for guests to order food from any restaurant in the area. Also, many hotels are implementing in-room, voice-activated devices, so ordering food via an AI-powered assistant will soon become mainstream as well. The August issue of the Hotel Business Review will report on these developments and document what some leading hotels are doing to expand this area of their business.