Oyo Hotels & Homes, a lodging operator backed by SoftBank's Vision Fund, is betting the same formula that fueled the company's rapid growth in India and China can work in the US.

Oyo, which opened its first US hotel at the beginning of the year, plans to invest $300 million to expand in the country, Chief Executive Officer Ritesh Agarwal said in an interview. The company will use those funds to build out technology, design and operating teams and renovate properties. It's adding hotels at the pace of one a day, and aims to expand its U.S. offerings at five times that rate by the end of the year.

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