Oyo acquiring US hospitality chain with 1,500 motels for $525 million ...Middle East

New York: Boosting its international presence, Indian hospitality major Oyo’s parent company Oravel Stays is acquiring Motel 6 and Studio 6 chain with about 1,500 facilities across the US and Canada from the investment company Blackstone in a $525 million cash deal, the US firm said on Friday. With the acquisition of G6 Hospitality, parent company of the two budget lodging chains, Oyo will become a major player in the US and Canadian hospitality industry, which is already dominated by Indian Americans. Blackstone said that Motel 6’s franchise network produces gross room revenues of $1.7 billion. Motel 6 is ubiquitous across the US and Canada known for its relatively cheap rooms that, howeve

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