Motel 6, a budget motel chain, is being acquired by Oyo’s parent company in an all-cash transaction worth $525 million. The deal is expected to close by the end of the year. Blackstone purchased Motel 6 in 2012 for $1.9 billion and formed G6 Hospitality, the entity being sold now. Oyo, an Indian hotel operator, sees this acquisition as a significant milestone to strengthen its international presence. They currently operate 320 hotels across 35 states and aim to add 250 more this year.
On the other hand, Boeing has replaced the head of its defense and space division, Theodore Colbert III, with Steve Parker as the interim replacement. The division has been struggling with money-losing government contracts and setbacks, including issues with the Starliner space capsule. The company is trying to recover from unprofitable contracts with the Pentagon and NASA, facing losses of $6 billion since the start of 2022. Boeing has initiated a search for a permanent replacement for the position.
This move by both companies reflects their efforts to improve their operations and strengthen their presence in their respective industries. The acquisition of Motel 6 by Oyo’s parent company and the leadership change at Boeing’s defense and space division are strategic decisions aimed at addressing challenges and pursuing growth opportunities in their markets.
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