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Motel 6 is sold to an Indian hotel company for $525 million

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The sale to Oyo, a travel business, will include the Studio 6 motel brand, which caters to customers seeking extended stays. The all-cash transaction is expected to be finalized by the end of the year.

Motel 6, the economy budget motel that has existed for six decades, announced that it will be acquired by Oyo, an Indian-based travel company, in a multi-million dollar sale.Motel 6’s parent company, Blackstone,

"This acquisition is a significant milestone for a start-up company like us to strengthen our international presence," Oyo International’s chief executive, Gautam Swaroop, said in a statement.Oyo, which expanded into the U.S. five years ago, was founded in 2013 and operates 320 hotels across 35 states. Last year, the India-based company added roughly 100 additional hotels to its U.S. portfolio.

 

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Motel 6 is sold to an Indian hotel company for $525 millionThe sale to Oyo, a travel business, will include the Studio 6 motel brand, which caters to customers seeking extended stays. The all-cash transaction is expected to be finalized by the end of the year.
Fonte: KPBSnews - 🏆 240. / 63 Leggi di più »