Curated News
By: NewsRamp Editorial Staff
November 18, 2024
OYO Secures Commitment with Deutsche Bank to Fund G6 Hospitality Acquisition
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- OYO secures new term loan facility from Deutsche Bank to finance G6 acquisition, gaining competitive advantage in the global travel technology market.
- Deutsche Bank AG New York Branch provided commitment for a new term loan facility to finance OYO’s acquisition of G6 Hospitality.
- OYO's growth and profit allow for continued expansion and innovation, contributing to the improvement of the global travel industry.
- OYO's first-ever profit after tax, equity funding round, and acquisition of G6 Hospitality mark major milestones in the company's success.
Impact - Why it Matters
This news matters as it highlights OYO's strategic move to secure funding for its acquisition and its financial growth. The company's profitability and positive EBITDA demonstrate its stability and potential for further expansion, impacting its position in the travel and hospitality industry.
Summary
Oravel Stays Limited, operator of the OYO brand, has secured a commitment letter with Deutsche Bank AG New York Branch to finance its acquisition of G6 Hospitality. The loan facility will support OYO's recent acquisition of G6 Hospitality, the parent company of Motel 6 and Studio 6 brands.
Earlier this year, OYO reported its first-ever profit after tax and eight consecutive quarters of positive Adjusted EBITDA. The company also concluded an equity funding round of $175 million.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, OYO Secures Commitment with Deutsche Bank to Fund G6 Hospitality Acquisition
