NEW YORK?? Accor says it has agreed to sell Motel 6 and another North American economy hotel brand to an affiliate of The Blackstone Group for $1.9 billion.
The French company says Motel 6 and Studio 6, an extended-stay economy chain, encompass 1,102 hotels in the U.S. and Canada.
Accor SA says the deal, expected to close in October, will give it the resources it needs to boost growth in the Asia Pacific region, Latin America and Europe.
The company will continue to own and operate luxury and upscale flagship hotels in the U.S. under the Sofitel and Novotel brands.
Blackstone says it 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.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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