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Blackstone to sell Motel 6 chain, parent company for $525M
[NY Post] "I'm Tom Bodett Bob, and your IT specialist as well"
A hotel operator based in India is buying a classic piece of Americana — budget motel chain Motel 6.

Oravel Stays, the parent company of global travel technology company Oyo, will pay current owner Blackstone $525 million for franchisor G6 Hospitality and its Motel 6 and Studio 6 extended-stay brands, the New York-based investment firm said.

Blackstone purchased G6 in 2012 for $1.9 billion and it has since generated “over $1 billion in profit,” Rob Harper, head of Blackstone Real Estate Asset Management Americas said in a news release.
Sounds like Blackstone milked the business.

Posted by: Frank G 2024-09-22
http://www.rantburg.com/poparticle.php?ID=715899