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 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 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.
'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.
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