Current:Home > Contact-usMotel 6 sold to Indian hotel operator for $525 million-Angel Dreamer Wealth Society D1 Reviews & Insights
Motel 6 sold to Indian hotel operator for $525 million
View Date:2024-12-23 15:21:13
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! (748)
Related
- Congress returns to unfinished business and a new Trump era
- Wisconsin Supreme Court says Robert F. Kennedy Jr.'s name will remain on swing state’s ballot
- Micah Parsons injury update: Cowboys star to undergo MRI on ankle after being carted off
- Maggie Smith Dead at 89: Downton Abbey Costars and More Pay Tribute
- Smithfield agrees to pay $2 million to resolve child labor allegations at Minnesota meat plant
- Latina governor of US border state will attend inauguration of Mexico’s first female president
- The Best Horror Movies Available to Stream for Halloween 2024
- Truck carrying lithium batteries sparks fire and snarls operations at the Port of Los Angeles
- A crowd of strangers brought 613 cakes and then set out to eat them
- Port workers strike could snarl the supply chain and bust your holiday budget
Ranking
- Moana 2 Star Dwayne Johnson Shares the Empowering Message Film Sends to Young Girls
- Mary Bonnet Gives Her Take on Bre Tiesi and Chelsea Lazkani's Selling Sunset Drama
- Tom Brady Shares “Best Part” of His Retirement—And It Proves He's the MVP of Dads
- The Special Reason Hoda Kotb Wore an M Necklace While Announcing Today Show Exit
- Study finds Wisconsin voters approved a record number of school referenda
- Kentucky sign language interpreter honored in program to give special weather radios to the deaf
- Appalachian State-Liberty football game canceled due to flooding from Hurricane Helene
- Truck carrying lithium batteries sparks fire and snarls operations at the Port of Los Angeles
Recommendation
-
Jack Del Rio leaving Wisconsin’s staff after arrest on charge of operating vehicle while intoxicated
-
Torrential rains flood North Carolina mountains and create risk of dam failure
-
In the Heart of Wall Street, Rights of Nature Activists Put the Fossil Fuel Era on Trial
-
Chicago White Sox lose record-breaking 121st game, 4-1 to playoff-bound Detroit Tigers
-
Forget the bathroom. When renovating a home, a good roof is a no-brainer, experts say.
-
Recent major hurricanes have left hundreds dead and caused billions in damages
-
Ed Pittman dies at 89 after serving in all three branches of Mississippi government
-
Ariana Madix Weighs in on Vanderpump Rules' Uncertain Future—and the Only Costars She Talks to