Posted 10/3/2012 - 9:06:59 AM
LAS VEGAS—Motel 6 is celebrating its 50th anniversary at its annual brand conference at the MGM Grand here and the occasion was marked by the announcement that the sale of the Motel 6 and Studio 6 brands from Accor to the Blackstone Group has been completed.
Jonathan Gray, global head of real estate for the Blackstone Group, offered his perspective on the potential of Motel 6 to the more than 1,400 attendees. “Economy lodging has been abandoned by the large lodging companies. This creates room for a category killer brand and we think Motel 6 is that brand,” he said.
Gray detailed Blackstone’s plans to invest some $500 million in the brand’s corporate-owned properties. While the brand has grown to more than 1,000 properties open and operating, Gray thinks that’s just the beginning. “Motel 6 should be at 2,500-plus hotels in the U.S., and we think it can get there quickly given its strength in conversions.”
Jim Amorosia, CEO of Motel 6 and Studio 6, was equally excited about the company’s new ownership. “With the resources of the Blackstone Group and the combination of strength from our new owners and our great brand, that will make us ultimately unstoppable,” he said.