Motel 6’s dad or mum firm has been acquired by India-based OYO Motels in a $525M all-cash transaction, in response to a press launch. (Supply: File)
India-based lodge operator OYO is buying Motel 6’s dad or mum firm, G6 Hospitality, for $525 million in an all-cash transaction, in response to a launch from Blackstone Actual Property.
Oravel Stays, which owns world journey tech firm OYO, operates over 320 resorts in 35 states throughout America.
OYO first broke into the American market with an aggressive launch in 2019. OYO acquired virtually 100 resorts in 2023 and seeks so as to add round 250 resorts to that portfolio for 2024, in response to a Blackstone Actual Property launch.
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G6 Hospitality is the dad or mum 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 sign up Coeur d’Alene, Idaho. (Don and Melinda Crawford/UCG/Common Photos Group by way of Getty Photos / Getty Photos)
“This acquisition is a major milestone for a startup firm like us to strengthen our worldwide presence,” Gautam Swaroop, OYO Worldwide CEO, mentioned in a launch.
“Motel 6’s robust model recognition, monetary profile and community within the U.S., mixed with OYO’s entrepreneurial spirit, can be instrumental in charting a sustainable path ahead for the corporate, which can proceed to function as a separate entity.”
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Blackstone “invested vital capital” to “improve the Motel 6 model,” in response to 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 | – | – |
| BX | BLACKSTONE INC. | 158.14 | -1.55 | -0.97% |
“We’re grateful for our profitable partnership with Blackstone and the transformation that has positioned us nicely for this new chapter,” mentioned Julie Arrowsmith, president and CEO at G6 Hospitality.
Signage for an Oyo lodge operated by Oyo Motels Japan G.Okay. in Tokyo. (Toru Hanai/Bloomberg by way of Getty Photos / Getty Photos)
“OYO’s progressive strategy to hospitality will permit us to boost our choices and nice worth to our friends whereas sustaining the enduring Motel 6 model that vacationers have trusted for over six a long time.”
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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.
