Over 1,500 Motel 6 locations were purchased for $525 million by a company based in India that manages over 44,000 hotels across the world.
Blackstone Real Estate announced last week that it has agreed to the sale of G6 Hospitality, the parent company of approximately 1,500 Motel 6 and Studio 6 locations, to Oravel Stays, which is the parent company of the international hospitality company OYO.
According to Blackstone, the transaction is expected to close in the fourth quarter of 2024, “subject to customary closing conditions.”
The Motel 6 franchise network produces “gross room revenues of $1.7 billion.” Blackstone says that OYO will “leverage its comprehensive technology suite” and its “global distribution network” to further the brands and “drive continued financial growth.”
OYO currently operates over 320 hotels in the United States. Founded by Ritesh Agarwal, in 2012, the company currently operates more than 44,000 hotels and 125,000 homes across the world.
Currently, there are approximately 29 Motel 6 locations in the state of Florida, according to the company’s website. That includes one location in Ocala and two other nearby locations in Starke and Gainesville.
The Motel 6 in Ocala is located at 3810 NW Blitchton Road, adjacent to Interstate 75. It features 124 rentable rooms including two meeting rooms, one two-room suite, and two junior suites.
Blackstone founded its real estate business in 1991 and currently has $336 billion of investor capital under management, according to the company’s website. It is the largest owner of commercial real estate globally, owing and operating assets across “every major geography and sector, including logistics, data centers, residential, office, and hospitality.”