News Formal

Blackstone to sell Motel 6 chain, parent company for $525M

  • 📰 nypost
  • ⏱ Reading Time:
  • 14 sec. here
  • 5 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 67%

Business News

Blackstone Group,India,Motels

A hotel operator based in India is acquiring the budget motel chain Motel 6 from Blackstone for $525 million, the New York-based investment firm announced Friday.

Oravel Stays, the parent company of global travel technology company Oyo, will pay current owner Blackstone $525 million for franchisor G6 Hospitality and its Motel 6 and Studio 6 extended-stay brands, the New York-based investment firmBlackstone purchased G6 in 2012 for $1.9 billion and it has since generated “over $1 billion in profit,” Rob Harper, head of Blackstone Real Estate Asset Management Americas said in a news release.

Motel 6’s franchise network includes more than 1,450 hotels in 49 states and five Canadian provinces — generally close to airports, freeways and other thoroughfares. Studio 6 includes more than 200 properties, in places like Atlanta, Dallas, Houston, Seattle and Canada.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 91. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Motel 6 chain, Dallas-area parent company soldThe budget motel chain Motel 6 is being acquired by the parent company of Oyo.
Source: dallasnews - 🏆 18. / 71 Read more »