OYO parent Oravel Stays to acquire Motel 6, Studio 6 from Blackstone paying $525 million in an all-cash deal

Oyo’s parent, Oravel Stays, has agreed to acquire American budget hotel chain G6 Hospitality, owner of the “iconic” Motel 6 and Studio 6 brands, from Blackstone Real Estate in a $525 million all-cash deal, PTI reported.

The move comes ahead of Oyo’s likely IPO plans and as the company looks to expand in the United States, it said, adding, that the deal is likely to close in Q4 of CY2024, subject to conditions.