Current:Home > StocksMotel 6 sold to Indian hotel operator for $525 million-DB Wealth Institute B2 Expert Reviews
Motel 6 sold to Indian hotel operator for $525 million
View Date:2024-12-23 19:00:13
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.
Oyo, which launched in India just over a decade ago, has been expanding its footprint in the U.S. over the past few years. The company says it currently operates 320 hotels across 35 states and is aiming to add 250 more this 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.
“This transaction is a terrific outcome for investors and is the culmination of an ambitious business plan that more than tripled our investors’ capital and generated over $1 billion in profit over our hold period,” Rob Harper, the head of Blackstone Real Estate Asset Management Americas, said in a statement.
Under the deal, Oravel Stays, which owns Oyo, will acquire G6 Hospitality.
veryGood! (2)
Related
- Best fits for Corbin Burnes: 6 teams that could match up with Cy Young winner
- Schumer and Jeffries endorse Kamala Harris for president
- Conan O'Brien Admits He Was Jealous Over Ex Lisa Kudrow Praising Costar Matthew Perry
- Kamala Harris uses Beyoncé song as walk-up music at campaign HQ visit
- Does the NFL have a special teams bias when hiring head coaches? History indicates it does
- Kamala Harris' economic policies may largely mirror Biden's, from taxes to immigration
- Federal court won’t block New Mexico’s 7-day waiting period on gun purchases amid litigation
- Scheana Shay Addresses Rumors She's Joining The Valley Amid Vanderpump Rules' Uncertain Future
- Why Outer Banks Fans Think Costars Rudy Pankow and Madison Bailey Used Stunt Doubles Amid Rumored Rift
- Clashes arise over the economic effects of Louisiana’s $3 billion-dollar coastal restoration project
Ranking
- Singles' Day vs. Black Friday: Which Has the Best Deals for Smart Shoppers?
- Man pleads guilty to bribing a Minnesota juror with a bag of cash in COVID-19-related fraud case
- How the WNBA Olympic break may help rookies Caitlin Clark and Angel Reese
- Team USA Women's Basketball Showcase: Highlights from big US win over Germany
- 'The Penguin' spoilers! Colin Farrell spills on that 'dark' finale episode
- Officers left post to go look for Trump rally gunman before shooting, state police boss says
- University system leader will be interim president at University of West Georgia
- Tesla’s 2Q profit falls 45% to $1.48 billion as sales drop despite price cuts and low-interest loans
Recommendation
-
Republican Gabe Evans ousts Democratic US Rep. Yadira Caraveo in Colorado
-
SBC fired policy exec after he praised Biden's decision, then quickly backtracked
-
Illinois woman sentenced to 2 years in prison for sending military equipment to Russia
-
What Each Zodiac Sign Needs for Leo Season, According to Your Horoscope
-
The Daily Money: Mattel's 'Wicked' mistake
-
Hugh Jackman Weighs in on a Greatest Showman Sequel
-
Mattel introduces its first blind Barbie, new Barbie with Down syndrome
-
Hailee Steinfeld and Buffalo Bills quarterback Josh Allen go Instagram official in Paris