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Oyo, which launched successful India conscionable implicit a decennary ago, has been expanding its footprint successful the US implicit the past fewer years. (AP/Reuters)
The fund motel concatenation Motel 6 is being acquired by the genitor institution of Oyo, a edifice relation based successful India.
The New York-based concern steadfast Blackstone, which owns Motel 6’s genitor institution G6 Hospitality, announced Friday that the woody would beryllium an all-cash transaction worthy USD 525 million.
The transaction volition besides see the merchantability of the Studio 6 motel brand, which caters to customers seeking extended stays. The woody is expected to adjacent by the extremity of the year.
Oyo, which launched successful India conscionable implicit a decennary ago, has been expanding its footprint successful the US implicit the past fewer years. The institution says it presently operates 320 hotels crossed 35 states and is aiming to adhd 250 much this year.
“This acquisition is simply a important milestone for a startup institution similar america to fortify our planetary presence,” Gautam Swaroop, OYO’s planetary part chief, said successful a statement.
Blackstone had purchased Motel 6 and Studio 6 successful 2012 for USD 1.9 billion. Since then, the backstage equity elephantine says it has heavy invested successful the marque and pursued a strategy that converted the concatenation into a franchise.
“This transaction is simply a terrific result for investors and is the culmination of an ambitious concern program that much than tripled our investors’ superior and generated implicit USD 1 cardinal successful nett implicit our clasp period,” Rob Harper, the caput of Blackstone Real Estate Asset Management Americas, said successful a statement.
Under the deal, Oravel Stays, which owns Oyo, volition get G6 Hospitality.
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