Motel 6’s guardian firm has been acquired by India-based OYO Accommodations in a $525M all-cash transaction, in keeping with a press launch. (Supply: File)
India-based lodge operator OYO is buying Motel 6’s guardian firm, G6 Hospitality, for $525 million in an all-cash transaction, in keeping with a launch from Blackstone Actual Property.
Oravel Stays, which owns world journey tech firm OYO, operates over 320 accommodations in 35 states throughout America.
OYO first broke into the American market with an aggressive launch in 2019. OYO acquired virtually 100 accommodations in 2023 and seeks so as to add round 250 accommodations to that portfolio for 2024, in keeping with a Blackstone Actual Property launch.
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G6 Hospitality is the guardian firm of Motel 6 and Studio 6 manufacturers, which is estimated to have gross room revenues of $1.7 billion throughout its franchise community.
A Motel 6 check in Coeur d’Alene, Idaho. (Don and Melinda Crawford/UCG/Common Pictures Group by way of Getty Pictures / Getty Pictures)
“This acquisition is a significant milestone for a startup company like us to strengthen our international presence,” Gautam Swaroop, OYO Worldwide CEO, mentioned in a launch.
“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.”
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Blackstone “invested significant capital” to “enhance the Motel 6 brand,” in keeping with the actual property agency. There are round 1,500 Motel 6 and Studio 6 franchise properties in Canada and the U.S.
Ticker Safety Final Change Change % OYOCF OYO 16.553161 –
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BX BLACKSTONE INC. 158.14 -1.55
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“We are grateful for our successful partnership with Blackstone and the transformation that has positioned us well for this new chapter,” mentioned Julie Arrowsmith, president and CEO at G6 Hospitality.
Signage for an Oyo lodge operated by Oyo Accommodations Japan G.Ok. in Tokyo. (Toru Hanai/Bloomberg by way of Getty Pictures / Getty Pictures)
“OYO’s innovative approach to hospitality will allow us to enhance our offerings and great value to our guests while maintaining the iconic Motel 6 brand that travelers have trusted for over six decades.”
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In keeping with Blackstone, the all-cash transaction is predicted to shut within the fourth quarter of 2024.
G6 Hospitality didn’t instantly return FOX Enterprise’ request for remark.
