For ads-free news, click here.
From Fox News: India-based hotel operator OYO is acquiring Motel 6’s parent company, G6 Hospitality, for $525 million in an all-cash transaction, according to a release from Blackstone Real Estate.
Oravel Stays, which owns global travel tech company OYO, operates over 320 hotels in 35 states across America.
OYO first broke into the American market with an aggressive launch in 2019. OYO acquired almost 100 hotels in 2023 and seeks to add around 250 hotels to that portfolio for 2024, according to a Blackstone Real Estate release.
G6 Hospitality is the parent company of Motel 6 and Studio 6 brands, which is estimated to have gross room revenues of $1.7 billion across its franchise network.
According to a press release, the sale is expected to finalize in the fourth quarter of this year.
“This acquisition is a significant milestone for a startup company like us to strengthen our international presence. Motel 6’s strong brand recognition, financial profile and network in the U.S., combined with OYO’s entrepreneurial spirit will be instrumental in charting a sustainable path forward for the company which will continue to operate as a separate entity,” said Gautam Swaroop, CEO, OYO International.
Motel 6 sold to India-based OYO Hotels for $525 million: ‘New chapter’https://t.co/VPMOpXlxoM
— FOX Business (@FoxBusiness) September 22, 2024
The Dennis Michael Lynch Podcast archive is available below, with the most recent on top. Never miss an episode. Subscribe to the show by downloading The DML News App or go to Apple Podcasts.
