Why the hell would Blackstone purchase Motel 6? Low life chain with low life customers. Blackstone ready to service low lifes of the world now. Look for Blackstone to get into section 8 housing or skid row hotels now? Such a let down.
I stay there. Heck, call me low life but look at what this recession has done to dividends. BEE and SHO, elimiated the div. I am fairly new to BX, but the div. is down. So, yes if I go visit my daughter in college, the Motel 6 is just fine for me.
Their business - to buy (mostly distressed) properties and then sell at higher price. Do not think they are idiots; they are (one of the) best company in Private Equity. Europe crisis did bring them down - but it's also a huge iopportunity. And - you can see - the shares are up 3.6% on the news.
Blackstone has a large hotel portfolio. Extend Stay America, Hilton, and motel 6. They also own a large portfolio of Malls, strip malls and industrial space. I think they still own select office investments which are pre downturn acquisitions. They are into real estate big time, and I like that, since I am also in the real estate business. Problem is traders will not be happy, since turning around real estate takes time, but it also is a serious cash flow generator, and can be leveraged and spun off in a separate company or sold in the investment market. I agree with the last poster, they know exactly what they are doing! I am considering adding!