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Dallas - It's been nearly one year since Blackstone Group and Accor closed a $1.9-billion deal for the private equity group to acquire the Motel 6 and Studio 6 chains in the U. S. With talk heating up about Blackstone's possible sale/IPO of its other chain giants-Hilton Worldwide and La Quinta Inns and Suites-where do the Motel 6 and Studio 6 brands stand today?
In a pretty good spot, said Jim Amorosia, president and CEO of G6 Hospitality, the company formed to manage the two brands in the U.S. "Blackstone looked at us as a growth and investment vehicle and they realized the need to invest in these brands to give them an opportunity to continue on their path, and to allow the franchisees to feel like they're not in it alone," he said. "So when Blackstone announced they would invest in the owned assets, that jazzed us up."
About 100 company-owned and 200 franchised Motel 6 properties will complete renovations by the end of 2013. At that point, more than 400 properties will be renovated and the company's goal remains to complete the existing system of...