-
The acquisition of G6 Hospitality by Oravel Stays, Oyo’s parent company, marks another chapter in Oyo’s rapid global expansion
-
The move reflects Oyo’s continued ambition to be a leading player in the budget hotel sector
Oyo, an Indian hotel operator, has announced its acquisition of the Motel 6 chain for $525 million in an all-cash deal. Blackstone, the New York-based investment firm that owns Motel 6’s parent company G6 Hospitality, confirmed the sale, which also includes the Studio 6 brand that caters to extended-stay guests. The transaction is expected to be finalized by the end of the year, reported The Associated Press.
-
Blackstone originally purchased Motel 6 and Studio 6 for $1.9 billion in 2012 and has since transitioned the brand into a franchise model
-
Rob Harper, head of Blackstone Real Estate Asset Management Americas, described the sale as a highly successful outcome for investors, having more than tripled their capital and generating over $1 billion in profit
This acquisition is a pivotal move for Oyo, which has been steadily expanding its presence in the U.S. over the past few years. With a current portfolio of 320 hotels spread across 35 states, Oyo plans to add another 250 properties by year’s end. Gautam Swaroop, Oyo’s international division chief, emphasized that this deal is a significant milestone in the company’s strategy to solidify its global presence.
***********************************************************
Readers
These are extraordinary times. All of us have to rely on high-impact, trustworthy journalism. And this is especially true of the Indian Diaspora. Members of the Indian community overseas cannot be fed with inaccurate news.
Pravasi Samwad is a venture that has no shareholders. It is the result of an impassioned initiative of a handful of Indian journalists spread around the world. We have taken a small step forward with the pledge to provide news with accuracy, free from political and commercial influence. Our aim is to keep you, our readers, informed about developments at ‘home’ and across the world that affect you.
Please help us to keep our journalism independent and free.
In these difficult times, running a news website requires finances. While every contribution, big or small, will make a difference, we request our readers to put us in touch with advertisers worldwide. It will be a great help.
For more information: pravasisamwad00@gmail.com