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Oyo to acquire G6 Hospitality from Blackstone for $525 mn
The New Indian Express
|September 22, 2024
Stays, the parent company of the global travel technology company OYO, said on Saturday that it is acquiring US-based G6 Hospitality from Blackstone Real Estate for $525 million, in an all-cash transaction.
The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions.
G6 Hospitality is a leading economy lodging franchisor and parent company of the well-known Motel 6 and Studio 6 brands. Motel 6's franchise network produces gross room revenues of $1.7 billion, which generates a strong fee base and cash flow for G6.
Oyo said it has steadily expanded its footprint in the United States since its launch in the region in 2019 and currently operates over 320 hotels across 35 states. In 2023, OYO added nearly 100 hotels to its US portfolio and aims to add 250 hotels in 2024.
This story is from the September 22, 2024 edition of The New Indian Express.
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