An India-based hotel operator is to purchase America’s most popular motel chain in a $525 million all-cash deal.
The deal will see budget motel chain Motel 6 being acquired by the parent company of Oyo, a hotel operator based in India.
The New York-based investment firm Blackstone, which owns Motel 6’s parent company G6 Hospitality said the deal would be an all-cash transaction, with the deal expected to close by the end of the year.
The transaction will also include the sale of the Studio 6 motel brand, which caters to customers seeking extended stays
Oyo, which launched in India just over a decade ago, has been expanding its footprint in the U.S. over the past few years.
The company says it currently operates 320 hotels across 35 states and is aiming to add 250 more this year. The company, headed by CEO Ritesh Agarwal, operates over 157,000 hotels and homes in 35 countries.
‘This acquisition is a significant milestone for a startup company like us to strengthen our international presence,’ Gautam Swaroop, OYO’s international division chief, said in a statement.
‘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.’
www.dailymail.co.uk/yourmoney/article-13880623/motel6-sold-Indian-hotel-operator-Oyo.html
Here is why… pic.twitter.com/yNunQ4GHyE
— Vincent Kennedy (@VincentCrypt46) May 27, 2023
Dying retail icon will close its final full-size American store in coming weeks
Former retail giant Kmart will close the doors on its last full-size American store in the coming weeks.
The department store chain has operated for 125 years, selling products ranging from from clothes and appliances to hardware and electronics.
The store’s parent company filed for Chapter 11 bankruptcy in October 2018 and had 202 stores sold to Transform Holdco, with the rest liquidated. Eventually only two stores remained in the United States.
www.dailymail.co.uk/news/article-13881923/dying-retail-icon-kmart-closing-final-store.html
h/t Coastie Patriot