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INDIA-BASED ORAVEL Stays, the parent company of the global travel technology company OYO, has agreed to purchase G6 Hospitality, franchiser for the economy Motel 6 and Studio 6 brands, for $525 million from Blackstone Real Estate. The all-cash transaction is expected to close in the fourth quarter, subject to customary closing conditions. Since launching in the U.S. in 2019, OYO has expanded to operate more than 320 hotels across 35 states, according to a joint statement from the companies. It aims to add around 250 hotels to its network this year, offering a technology suite, global distribution network and marketing expertise. "This acquisition is a significant milestone for a startup company like us to strengthen our international presence," said Gautam Swaroop, CEO of OYO International. "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."

INDIA-BASED ORAVEL STAYS, parent company of travel technology firm Oyo, completed the previously announced $525 million acquisition of G6 Hospitality from Blackstone Real Estate. The company is also restructuring G6's leadership, replacing President and CEO Julie Arrowsmith and other top executives effective Tuesday. In September, Oravel Stays agreed to acquire G6 Hospitality from Blackstone Real Estate for $525 million in an all-cash deal. On Tuesday, Oyo named Sonal Sinha as CEO, with Tina Burnett continuing as chief development officer, the company said in a statement. G6's chief financial officer, chief brand officer, general counsel, chief information officer and chief human resources officer also are being replaced. "We will continue to invest in skills that are unique and critical to the G6 business, such as supply, account management, corporate sales, brand standards, offline marketing, and safety and security," said Gautam Swaroop, OYO International's CEO. "Over the years, OYO has successfully leveraged capabilities developed in India in technology, revenue management, e-commerce, procurement, legal, finance, and HR and will extend these to the G6 business as well."