Motel 6 offered to Indian resort operator Oyo for $525 million

A Motel 6Fort Price Superstar-Telegram | Tribune Information Provider | Getty ImagesThe price range motel chain Motel 6 is being obtained by means of the mother or father corporate of Oyo, a resort operator founded in India.The New York-based funding company Blackstone, which owns Motel 6’s mother or father corporate G6 Hospitality, introduced Friday that the deal can be an all-cash transaction value $525 million.The transaction can even come with the sale of the Studio 6 motel emblem, which caters to shoppers searching for prolonged remains. The deal is anticipated to near by means of the top of the yr.Oyo, which introduced in India simply over a decade in the past, has been increasing its footprint within the U.S. during the last few years. The corporate says it recently operates 320 accommodations throughout 35 states and is aiming so as to add 250 extra this yr.”This acquisition is an important milestone for a startup corporate like us to give a boost to our world presence,” Gautam Swaroop, OYO’s world department leader, stated in a observation.Blackstone had bought Motel 6 and Studio 6 in 2012 for $1.9 billion. Since then, the non-public fairness large says it has closely invested within the emblem and pursued a technique that transformed the chain right into a franchise.”This transaction is an awesome end result for buyers and is the end result of an bold marketing strategy that greater than tripled our buyers’ capital and generated over $1 billion in benefit over our dangle duration,” Rob Harper, the top of Blackstone Actual Property Asset Control Americas, stated in a observation.Beneath the deal, Oravel Remains, which owns Oyo, will achieve G6 Hospitality.

Author: OpenAI