Motel 6 chain, Dallas-area parent company sold

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The budget motel chain Motel 6 is being acquired by the parent company of Oyo.

, which owns Motel 6′s parent company G6 Hospitality, announced Friday that the deal would be an all-cash transaction worth $525 million.The transaction will also include the sale of the Studio 6 motel brand, which caters to customers seeking extended stays. The deal is expected to close by the end of the year.opened its first location in 1962 in Santa Barbara, Calif., charging just $6 per night. Studio 6 is an economical extended-stay chain.

“This acquisition is a significant milestone for a startup company like us to strengthen our international presence,” Gautam Swaroop, OYO’s international division chief, said in a statement. Blackstone had purchased Motel 6 and Studio 6 in 2012 for $1.9 billion. Since then, the private equity giant says it has heavily invested in the brand and pursued a strategy that converted the chain into a franchise.

 

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