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 Nyheter

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.

 

Takk for kommentaren din. Kommentaren din vil bli publisert etter gjennomgang.
Vi har oppsummert denne nyheten slik at du kan lese den raskt. Er du interessert i nyhetene kan du lese hele teksten her. Les mer:

 /  🏆 91. in NO

Norge Siste Nytt, Norge Overskrifter

Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.

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