Indian online travel agency EaseMyTrip has partnered with Bank of Baroda to introduce the first co-branded travel debit card by a public sector bank in India. This is the latest in the trend of new travel cards in India.
Motel 6 Brand Sold to OYO for $525 Million
24.09.2024 - 18:58 / travelpulse.com / North America / Donald Wood
Economy budget brand Motel 6 announced that it would be sold to Indian-based travel company OYO for $525 million.
According to Motel 6’s parent company, Blackstone, the all-cash deal with Oyo will also include the Studio 6 brand, its chain of extended-stay hotels. The transaction is expected to be completed by the end of 2024.
“This acquisition is a significant milestone for a startup company like us to strengthen our international presence,” OYO International Chief Executive Officer Gautam Swaroop said.
“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 forward for the company which will continue to operate as a separate entity,” Swaroop continued.
The OYO brand launched in the United States in 2019 and has grown to operate over 320 hotels across 35 states. Motel 6’s franchise network produces gross room revenues of $1.7 billion, and OYO plans to leverage its comprehensive technology suite as well as its global distribution network and marketing expertise to further strengthen the Motel 6 and Studio 6 brands.
“This transaction is a terrific outcome for investors and is the culmination of an ambitious business plan that more than tripled our investors’ capital and generated over $1 billion in profit over our hold period,” Blackstone’s Rob Harper said.
“We believe G6 is extremely well-positioned for the future and we look forward to seeing its brands continue their success in the years to come,” Harper continued.
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