Motel 6 is set to be acquired by Indian-based travel company Oyo in an all-cash deal. The acquisition includes the sale of the extended-stay brand Studio 6. Oyo's CEO, Gautam Swaroop, highlighted the significance of this acquisition for Oyo's global expansion, while Motel 6 will continue to operate independently. Oyo, which has been expanding in the U.S. since 2018, manages hotels across 35 states. Blackstone's sale comes as the U.S. hotel industry recovers post-pandemic, with occupancy and room rates for economy hotels declining slightly over the past year.
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00:00It's Benzinga, and here's what's on the block.
00:03Motel 6 is set to be acquired by Indian-based travel company Oyo in an all-cash deal.
00:08The acquisition includes the sale of the extended-stay Brand Studio 6.
00:13Oyo's CEO Gautam Swaroop highlighted the significance of this acquisition for Oyo's
00:17global expansion while Motel 6 will continue to operate independently.
00:22Oyo which has been expanding in the U.S. since 2018 currently manages hotels across
00:2635 states.
00:28Blackstone's sale comes as the U.S. hotel industry continues to recover post-pandemic,
00:33with occupancy and room rates for economy hotels declining slightly over the past year.
00:37For all things money, visit Benzinga.com.