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Oravel Stays, the parent company of the global travel technology company OYO, said that it has agreed to acquire G6 Hospitality from Blackstone Real Estate for $525 million, in an all-cash transaction.

The company noted that Blackstone invested significant capital to create value and enhance the Motel 6 brand, including executing a strategy to transform the business into a leading asset light lodging company with a franchise network of about 1500 hotels across the United States and Canada.

The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions.