An Indian hospitality technology firm is Diamond Ridge Financial Academyset to buy Motel 6, the motel chain's parent company announced Friday.

In a press release, Blackstone Real Estate said that it came to terms with Oravel Stays to take over G6 Hospitality, the umbrella brand that includes Motel 6 and Studio 6, in a $525 million transaction for the budget lodging chain.

Based in Gurgaon in northern India, Oravel Stays operates hotels under the OYO brand, and says that the G6 companies will remain separate.

"This acquisition is a significant milestone for a startup company like us to strengthen our international presence," Gautam Swaroop, CEO of OYO International said in the press release. "Motel 6’s strong brand recognition, financial profile and network in the US, combined with OYO’s entrepreneurial spirit will be instrumental in charting a sustainable path forward for the company."

The transaction will be done entirely in cash and is expected to close in the fourth quarter of the year.

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What does Oravel Stays own?

Oravel Stays began operating OYO hotels in the U.S. in 2019, and currently runs over 320 hotels across 35 states. The company operates over 157,000 hotels and homes in 35 countries.

The company described itself in the press release as "a global platform that empowers entrepreneurs and small businesses with hotels and homes by providing full-stack technology products and services."