NEW YORK — Accor, the worldwide hospitality giant, has entered into a deal to sell Motel 6 and Studio 6, an extended-stay economy chain, to asset manager The Blackstone Group for $1.9 billion.
The deal will include 1,102 properties in the U.S. and Canada. Blackstone plans to invest significantly in Motel 6’s properties and speed the expansion of its franchise base. The private equity firm already owns Hilton Worldwide and other hotels.
“I am delighted by the transaction signed with Blackstone, which ensures the future of Motel 6 and its teams in North America, where we will remain present with luxury and upscale flagships under the Sofitel and Novotel brands,” said Denis Hennequin, chairman and CEO, Accor. “This deal will provide Accor with additional resources to address the tremendous growth potential in the Asia Pacific region, in Latin America and in Europe, where the leadership of our brands is one of the key drivers of our future growth.”
The transaction is expected to be completed in October.