Motel 6 Acquired by Oyo in $525 Million Deal
The iconic budget motel chain, Motel 6, is set to be acquired by Indian travel company Oyo in a substantial $525 million cash transaction. The sale also includes Oyo’s acquisition of the Studio 6 extended-stay brand. Blackstone, the current owner, expects the deal to finalize by year-end. This acquisition marks a strategic move for Oyo, which has been working to expand its presence in the U.S. market since entering five years ago. CEO Gautam Swaroop emphasized how this partnership will leverage Motel 6’s established brand and financial stability to enhance Oyo’s growth, despite recent challenges in the hotel industry post-pandemic, including decreased occupancy rates and room prices. Read more.
Boeing Employees Strike, Economic Impact Widespread
In a significant labor dispute, over 30,000 employees at Boeing have been on strike for more than a week, creating economic tremors felt throughout Washington State and beyond. The ongoing work stoppage highlights the increased tensions in labor relations within critical industries amid recent economic pressures. As negotiations continue, the outcome could set important precedents for labor rights and corporate accountability moving forward. Read more.
