The transaction will also include the sale of the Studio 6 motel brand, which caters to customers seeking extended stays.
The budget motel chain Motel 6 is being acquired by the parent company of Oyo, a hotel operator based in India.
The deal is expected to close by the end of the year.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. 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.
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