Oravel Stays, the parent company of the global travel technology firm OYO, has announced an agreement to acquire G6 Hospitality from Blackstone Real Estate for $525 million in an all-cash transaction.
The company highlighted that Blackstone invested substantial capital to add value and enhance the Motel 6 brand. This included implementing a strategy to transform the business into a leading asset-light lodging company, featuring a franchise network of approximately 1,500 hotels across the United States and Canada.
The transaction is projected to close in the fourth quarter of 2024, pending customary closing conditions.
