Blackstone's investment firm is selling budget motel chain Motel 6 and its extended-stay brand Studio 6 to Oyo, a hotel operator based in India. The all-cash deal, worth $525 million, is expected to close by the end of the year. Oyo aims to strengthen its international presence through this acquisition.
The budget motel chain Motel 6 is being acquired by the parent company of Oyo , a hotel operator based in India.The New York-based investment firm Blackstone , which owns Motel 6 's parent company G6 Hospitality, announced Friday that the deal would be an all-cash transaction worth $525 million.The transaction will also include the sale of the Studio 6 motel brand, which caters to customers seeking extended stays. The deal is expected to close by the end of the year.
'This acquisition is a significant milestone for a startup company like us to strengthen our international presence,' Gautam Swaroop, OYO's international division chief, said in a statement.Blackstone had purchased Motel 6 and Studio 6 in 2012 for $1.9 billion. Since then, the private equity giant says it has heavily invested in the brand and pursued a strategy that converted the chain into a franchise.
Oyo Motel 6 Studio 6 Blackstone Acquisition
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Motel 6 sold to Indian hotel operator Oyo for $525 millionThe deal between Blackstone, which owns Motel 6's parent company G6 Hospitality, and Oravel Stays was announced as an all-cash transaction.
Read more »
Motel 6 sold to Indian hotel operator Oyo for $525 millionThe transaction will also include the sale of the Studio 6 motel brand, which caters to customers seeking extended stays.
Read more »
Motel 6 sold to India-based OYO Hotels for $525 million: 'New chapter'OYO Hotels announced this week it is acquiring iconic brand Motel 6 in an all-cash transaction with G6 Hospitality, its parent company.
Read more »
Motel 6 sold to Indian hotel operator for $525 millionThe budget motel chain Motel 6 is being acquired by the parent company of Oyo, a hotel operator based in India. The New York-based investment firm
Read more »
Motel 6 sold to Indian hotel operator for $525 millionPolitical News and Conservative Analysis About Congress, the President, and the Federal Government
Read more »
Motel 6 chain, Dallas-area parent company soldThe budget motel chain Motel 6 is being acquired by the parent company of Oyo.
Read more »