Current:Home > ContactMotel 6 sold to Indian hotel operator for $525 million -Infinite Edge Capital
Motel 6 sold to Indian hotel operator for $525 million
View
Date:2025-04-13 21:27:00
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! (92175)
Related
- South Korean president's party divided over defiant martial law speech
- This is Your Sign To Share this Luxury Gift Guide With Your Partner *Hint* *Hint
- Jason Kelce collaborates with Stevie Nicks for Christmas duet: Hear the song
- Tua Tagovailoa playing with confidence as Miami Dolphins hope MNF win can spark run
- Meta donates $1 million to Trump’s inauguration fund
- She was found dead while hitchhiking in 1974. An arrest has finally been made.
- Gavin Rossdale Makes Rare Public Appearance With Girlfriend Xhoana Xheneti
- Brian Austin Green Shares Message to Sharna Burgess Amid Ex Megan Fox's Baby News
- Finally, good retirement news! Southwest pilots' plan is a bright spot, experts say
- Gerry Faust, the former head football coach at Notre Dame, has died at 89
Ranking
- Former Danish minister for Greenland discusses Trump's push to acquire island
- Kid Rock tells fellow Trump supporters 'most of our left-leaning friends are good people'
- Judge extends the time to indict the driver accused of killing Johnny Gaudreau and his brother
- The ancient practice of tai chi is more popular than ever. Why?
- McKinsey to pay $650 million after advising opioid maker on how to 'turbocharge' sales
- Real Housewives of New York City Star’s Pregnancy Reveal Is Not Who We Expected
- 2025 Medicare Part B premium increase outpaces both Social Security COLA and inflation
- Love Is Blind’s Chelsea Blackwell Reacts to Megan Fox’s Baby News
Recommendation
Newly elected West Virginia lawmaker arrested and accused of making terroristic threats
What that 'Disclaimer' twist says about the misogyny in all of us
Joel Embiid injury, suspension update: When is 76ers star's NBA season debut?
NATO’s Rutte calls for more Western support for Ukraine, warns of Russian alliances
Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Triathlon
Harriet Tubman posthumously named a general in Veterans Day ceremony
South Carolina lab recaptures 5 more escaped monkeys but 13 are still loose
Indiana man is found guilty of murder in the 2017 killings of 2 teenage girls