Gautam Swaroop, Oyo International's CEO, stated, "This acquisition is a significant milestone for a start-up company like us to strengthen our international presence," highlighting Oyo's goals for growth.
Swaroop added, "Motel 6's strong brand recognition, financial profile and network in the US, combined with Oyo's entrepreneurial spirit will be instrumental in charting a sustainable path forward for the company."
Jan Freitag of CoStar remarked that occupancy for economy-class hotels was about 54.2%, down 2.2% from a year ago, indicating post-pandemic recovery challenges.
Freitag also pointed out, "Room rates for economy-class hotels are around $79, down 1% from a year ago," reflecting ongoing economic pressures in the hospitality industry.
[
Collection
]
[
|
...
]