By Howard Dicus
HONOLULU and NEW YORK (HawaiiNewsNow) – Blackstone Group, the investment enterprise that bought the Hilton hotel chain in 2007, is now paying roughly $2 billion to acquire Motel 6.
The deal represents Blackstone's diversification into the economy tier of the hotel business, and the decision of French-based Accor to divest its economy-tier hotel holdings and focus on its luxury Sofitel brand.
New York-based Blackstone, which manages $48 billion in real estate, says it will renovate and expand the Motel 6 network, which consists of more than 1,000 motels and more than 100,000 rooms.
Hilton, which cost Blackstone ten times as much five years ago, owns as well as operates Hilton Hawaiian Village and Hilton Waikoloa Village. The first has more rooms than any other Hilton in the world and the latter is the largest Hilton campus in terms of land.
Motel 6 – famous for the slogan, "We'll leave the light on for you" – has no locations in Hawaii.