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 21:27:35
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! (416)
Related
- Voters in Oakland oust Mayor Sheng Thao just 2 years into her term
- As turkey prices drop, cost of some Thanksgiving side dishes go up, report says
- Inside Anna Wintour's Mysterious Private World
- Japan’s Princess Kako arrives in Peru to mark 150 years of diplomatic relations
- Beyoncé has released lots of new products. Here's a Beyhive gift guide for the holidays
- Behati Prinsloo Reveals Sex of Baby No. 3 With Adam Levine Nearly a Year After Giving Birth
- Two New York residents claim $1 million prizes from Powerball drawings on same day
- Lebanon’s militant Hezbollah leader threatens escalation with Israel as its war with Hamas rages on
- Monument erected in Tulsa for victims of 1921 Race Massacre
- FTX founder Sam Bankman-Fried convicted of stealing billions from customers and investors
Ranking
- Princess Kate makes rare public appearance after completing cancer chemo
- Maleesa Mooney Case: Autopsy Reveals Model Was Not Pregnant at Time of Death
- Long distance! Wrongly measured 3-point line on Nuggets’ court fixed ahead of tipoff with Mavericks
- A Pennsylvania nurse is now linked to 17 patient overdose deaths, prosecutors say
- See Chris Evans' Wife Alba Baptista Show Her Sweet Support at Red One Premiere
- Did you get fewer trick-or-treaters at Halloween this year? Many say they did
- The White House Historical Association is opening a technology-driven educational center in 2024
- Ben Simmons - yes, that Ben Simmons - is back. What that means for Nets
Recommendation
-
When do new episodes of 'Cobra Kai' Season 6 come out? Release date, cast, where to watch
-
Q&A: The League of Conservation Voters’ Take on House Speaker Mike Johnson’s Voting Record: ‘Appalling’
-
Former Guinea dictator Camara, 2 others escape from prison in a jailbreak, justice minister says
-
How a signature pen has been changing lives for 5 decades
-
Elton John Details Strict Diet in His 70s
-
Captain Lee Rosbach Officially Leaving Below Deck: Meet His Season 11 Replacement
-
NFL backup QB rankings: Which teams are living dangerously with contingency plans?
-
For some people with student loans, resuming payments means turning to GoFundMe