OYO to acquire Motel 6
India based budget hotel firm OYO has made a big play for the US market.
Oyo is set to acquire Motel 6 in a half-billion-dollar deal.
Current owner Blackstone Real Estate said that it has agreed terms with OYO parent Oravel Stays to take over Motel 6 and Studio 6 operator, G6 Hospitality.
The transaction is worth about $525 million.
“This acquisition is a significant milestone for a startup company like us to strengthen our international presence,” Gautam Swaroop, CEO of OYO International said.
“Motel 6’s strong brand recognition, financial profile and network in the US will be instrumental in charting a sustainable path forward for the company.”
OYO says the Motel 6 business will operate separately.
The cash transaction is expected to complete by the end of the year.
OYO is heavily backed by Softbank
OYO entered the US market before the pandemic and runs over 300 hotel locations.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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