Current:Home > BackMotel 6 owner Blackstone sells chain to Indian hotel startup for $525 million-Angel Dreamer Wealth Society D1 Reviews & Insights
Motel 6 owner Blackstone sells chain to Indian hotel startup for $525 million
View Date:2024-12-25 01:22:44
An Indian hospitality technology firm is set to buy Motel 6, the motel chain's parent company announced Friday.
In a press release, Blackstone Real Estate said that it came to terms with Oravel Stays to take over G6 Hospitality, the umbrella brand that includes Motel 6 and Studio 6, in a $525 million transaction for the budget lodging chain.
Based in Gurgaon in northern India, Oravel Stays operates hotels under the OYO brand, and says that the G6 companies will remain separate.
"This acquisition is a significant milestone for a startup company like us to strengthen our international presence," Gautam Swaroop, CEO of OYO International said in the press release. "Motel 6’s strong brand recognition, financial profile and network in the US, combined with OYO’s entrepreneurial spirit will be instrumental in charting a sustainable path forward for the company."
The transaction will be done entirely in cash and is expected to close in the fourth quarter of the year.
Enjoy your worry-free vacation: Best travel insurance policies
What does Oravel Stays own?
Oravel Stays began operating OYO hotels in the U.S. in 2019, and currently runs over 320 hotels across 35 states. The company operates over 157,000 hotels and homes in 35 countries.
The company described itself in the press release as "a global platform that empowers entrepreneurs and small businesses with hotels and homes by providing full-stack technology products and services."
veryGood! (61)
Related
- California voters reject proposed ban on forced prison labor in any form
- Savannah Chrisley Slams Rumored Documentary About Parents Todd & Julie's Imprisonment
- Oppenheimer Moviegoers Spot Mistake in Cillian Murphy Scene
- Separate boat crashes in Cape Cod and the Ozarks leave 1 dead, 13 injured: Police
- Denzel Washington teases retirement — and a role in 'Black Panther 3'
- Why Margot Robbie and Ryan Gosling Are the Perfect Barbie and Ken
- You'll Flip Over How Shawn Johnson's Daughter Drew Reacted to Mom's Pregnancy
- These $24 Pants Have the Sophistication of Trousers and Comfort of Sweatpants
- What to know about Mississippi Valley State football player Ryan Quinney, who died Friday
- US surpasses 400 mass shootings so far in 2023: National gun violence website
Ranking
- Where you retire could affect your tax bill. Here's how.
- 3 injured in shooting outside Philadelphia bar, police say
- Doja Cat Debuts Her Boldest Hair Transformation Yet With Spider Design
- NASA's mission to purposely collide with asteroid sent 'swarm of boulders' into space
- 13 Skincare Gifts Under $50 That Are Actually Worth It
- You'll Buzz Over Samuel L. Jackson's Gift to Scarlett Johansson and Ryan Reynolds for Their 2008 Wedding
- Wife of SpongeBob's Voice Actor Clarifies He's Not Dating Ariana Grande, Being Mistaken for Ethan Slater
- Gisele Bündchen's Look-Alike Daughter Vivian Is All Grown Up as Model Celebrates 43rd Birthday
Recommendation
-
RHOBH's Kyle Richards Shares Reaction to BFF Teddi Mellencamp's Divorce
-
Ethan Slater Makes Instagram Account Private Amid Ariana Grande Romance
-
Hailey Bieber Will Influence You to Try TikTok's Viral Latte Makeup Trend
-
Justin Timberlake Mourns Death of Music Director Daniel Jones at Age 41
-
Five best fits for Alex Bregman: Will Astros homegrown star leave as free agent?
-
RHOA Alum NeNe Leakes' Son Bryson Arrested on Felony Drug Possession Charges
-
Lindsay Lohan’s Brother Dakota Gushes Over Her “Perfect” Baby Boy
-
Why John Stamos Once Tried to Quit Full House