America’s iconic budget motel chain Motel 6 is being sold to Indian hotel operator Oyo in a deal with Blackstone the owner of Motel 6’s parent company G6 Hospitality.
The news was announced Friday that the deal would be an all cash transaction worth $525 million.
The deal, which is expected to close by year end also includes the Studio 6 brand.
Oyo, a ten year old India based hotel operator has been expanding its footprint in the U.S. over the last few years. The company currently operates 320 hotels across 35 states and is expecting to add 250 more properties this year. Oravel Stays is the parent company of Oyo will pay Blackstone $525 million for G6 Hospitality and its Motel 6 and Studio 6 extended stay brands.
The Motel 6 franchise network includes more than 1,450 hotels in 49 states and five Canadian provinces. Studio 6 includes more than 200 properties in the U.S. and Canada.
The new owners are expected to still “leave the lights on for you.”
