Motel 6’s mother or father corporate has been bought by way of Bharat-based OYO Resorts in a $525M all-cash transaction, in step with a press loose. (Supply: Report)
Bharat-based resort operator OYO is obtaining Motel 6’s mother or father corporate, G6 Hospitality, for $525 million in an all-cash transaction, in step with a loose from Blackstone Actual Property.
Oravel Remains, which owns world progress tech corporate OYO, operates over 320 motels in 35 states throughout The united states.
OYO first needy into the American marketplace with an competitive settingup in 2019. OYO bought virtually 100 motels in 2023 and seeks so as to add round 250 motels to that portfolio for 2024, in step with a Blackstone Actual Property loose.
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G6 Hospitality is the mother or father corporate of Motel 6 and Studio 6 manufacturers, which is estimated to have improper 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 Crew 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 World CEO, mentioned in a loose.
“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 step with the true property company. There are round 1,500 Motel 6 and Studio 6 franchise homes in Canada and the U.S.
| Ticker | Safety | Extreme | Alternate | Alternate % |
|---|---|---|---|---|
| OYOCF | OYO | 16.553161 | – | – |
| BX | BLACKSTONE INC. | 158.14 | -1.55 | -0.97% |
“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 resort operated by way of Oyo Resorts 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 line with Blackstone, the all-cash transaction is anticipated to alike within the fourth quarter of 2024.
G6 Hospitality didn’t instantly go back FOX Industry’ request for remark.
