Motel 6, the economy budget motel that has existed for six decades, announced that it will be acquired by Oyo, an Indian-based travel company, in a multi-million dollar sale.
But there is no need to worry; the motel chain will still leave its light on for you.
Motel 6’s parent company, Blackstone, released a statement Friday outlining that the deal would be an all-cash transaction totaling $525 million. As part of the multimillion-dollar transaction, the company will also sell its Studio 6 brand, its chain of extended-stay hotels.
Blackstone said that the all-cash transaction is expected to be completed by the end of this year.