Blackstone sells US motel chain G6 Hospitality to Oyo in $525 million all-cash deal
Oravel Stays, the parent company of the travel company Oyo, said it has agreed to acquire G6 Hospitality, a lodging franchisor and parent company of the Motel 6 and Studio 6 brands, from Blackstone Real Estate for $525 million, in an all-cash transaction.
Private equity giant Blackstone said the deal is expected to close before the end of the year, and would include the chain's offshoot hotel brand, Studio 6.
«This acquisition is a significant milestone for a startup company like us to strengthen our international presence. Motel 6's strong brand recognition, financial profile and network in the US, combined with OYO's entrepreneurial spirit will be instrumental in charting a sustainable path forward for the company which will continue to operate as a separate entity,» said Gautam Swaroop, CEO of Oyo International.
Oyo forayed into the United States in 2019, and has recently ramped up efforts to expand further. It currently operates more than 300 hotels in India.
In 2023, Oyo added nearly 100 hotels to its US portfolio and aims to add about 250 hotels in 2024. Motel 6’s franchise network produces gross room revenues of $1.7 billion, which generates a strong fee base and cash flow for G6.
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