The iconic brand Motel 6, which was founded in California, is being sold to an overseas hotel operator in a huge cash deal.
The Associated Press (AP) reported on Saturday the chain is “being acquired by the parent company of Oyo, a hotel operator based in India.”
The investment firm known as Blackstone said Friday it will be a cash deal worth $525 million and include the sale of the Studio 6 motel brand. Blackstone owns the parent company of the motel chain.
The AP article continued:
Oyo, which launched in India just over a decade ago, has been expanding its footprint in the U.S. over the past few years. The company says it currently operates 320 hotels across 35 states and is aiming to add 250 more this year.
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Blackstone had purchased Motel 6 and Studio 6 in 2012 for $1.9 billion. Since then, the private equity giant says it has heavily invested in the brand and pursued a strategy that converted the chain into a franchise. […]
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