Indian hotel operator Oyo has acquired the iconic American budget hotel chain Motel 6 from Blackstone for $525 million. The deal marks a significant expansion for Oyo in the US market and positions the company to become a major player in the economy lodging segment.
OYO, the global travel technology leader, is acquiring G6 Hospitality, the parent company of Motel 6 and Studio 6, for $525 million. This acquisition will significantly enhance OYO’s presence in the U.S. lodging market, leveraging Motel 6’s strong franchise network and providing OYO with a platform to implement its technology and marketing expertise.
Oyo, the hospitality giant, is poised for significant growth in the current financial year, targeting a threefold increase in its profit to over INR 700 crore. This ambitious goal is driven by strong performance in key markets, including India and Southeast Asia, and recent profitability milestones.
Oyo, the global budget-hotel chain, is reportedly raising $100-$125 million in new funding, bringing its valuation down to $2.5 billion. This news comes after Oyo recently refinanced its existing $450 million Term Loan B, achieving a lower interest rate. The company also reported its first profitable year in 2023-24, with a net profit of Rs 100 crore. Oyo anticipates annual savings of $8-10 million in the first year and $15-17 million thereafter due to the refinancing.
OYO, a global travel technology company, has launched CricOtel, a one-of-a-kind cricket-themed hotel in Bangalore. Located in the vibrant Bilekahalli neighborhood, CricOtel exudes the spirit of cricket throughout its ambiance, featuring 15 rooms celebrating iconic Indian cricket victories. Guests can relive historic moments in an immersive setting and enjoy a range of cricket-themed amenities, including a stadium-inspired central hall and a wall of fame honoring cricket legends. The strategically located CricOtel offers a retreat for cricket enthusiasts and provides a unique opportunity to immerse themselves in the world of cricket while enjoying top-notch hospitality at reasonable rates.
