Oravel Stay, the parent company of the Oyo brand, has acquired Motel 6, a budget-friendly US-based hotel chain based in Gurgaon in northern India.New York-based investment firm Blackstone Real Estate, which owns G6 Hospitality, the parent company of Motel 6, announced in a press release that it has agreed with Oravel Stays to acquire the G6 Hospitality umbrella brand, which includes motel 6 and Studio 6, in a $525 million transaction.While all formal steps in the deal are expected to be finalized by the end of the year, OYO International, which launched in India only a decade ago, has been expanding its presence in the US over the past few years. The company says it currently operates 320 hotels in 35 states and aims to add 250 more this year.TURNING POINT FOR THE COMPANYOYO International CEO Gautam Swaroop said the acquisition is an important milestone for a start-up company to strengthen its international presence and that Motel 6's strong brand recognition, financial profile and network in the US, combined with OYO's entrepreneurial spirit, will be instrumental in charting a sustainable path for the company.Oravel Stays, headquartered in Gurgaon in northern India, operates hotels under the OYO brand and the G6 companies will remain separate, it said.
