OYO to buy US hotel brand in $525-mn all-cash deal

Travel tech unicorn OYO is set to acquire G6 Hospitality, the parent company of iconic budget hotel brands Motel 6 and Studio 6, from Blackstone Real Estate for $525 million in an all-cash deal.

The acquisition is expected to bolster OYO’s international expansion plans. The IPO-bound company entered the US market in 2019 and currently operates over 320 hotels across 35 states. It aims to add 250 hotels to its US portfolio in 2024.