Asian-News.net is your go-to online destination for comprehensive coverage of major news across Asia. From politics and business to culture and technology, we bring you the latest updates, deep analyses, and critical insights from every corner of the continent. Featuring exclusive interviews, high-quality photos, and engaging videos, we keep you informed on the breaking news and significant events shaping Asia. Stay connected with us to get a 24/7 update on the most important stories and trends. Our daily updates ensure that you never miss a beat on the happenings in Asia's diverse nations. Whether it's a political shift in China, economic development in India, technological advancements in Japan, or cultural events in Southeast Asia, Asian-News.net has it covered. Dive into the world of Asian news with us and stay ahead in understanding this dynamic and vibrant region.

Contacts

  • Owner: SNOWLAND s.r.o.
  • Registration certificate 06691200
  • 16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
  • Czech Republic

Motel 6 sold to Indian hotel operator Oyo for $525 million

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.

Read more on cnbc.com
DMCA