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

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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.

 

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