The budget motel chain Motel 6 is being acquired by the parent company of Oyo, a hotel operator based in India.

The New York-based investment firm Blackstone announced Friday that the deal would be an all-cash transaction worth $525 million. Blackstone purchased Motel 6 and extended-stay brand Studio 6, included in the deal, in 2012 for $1.9 billion and formed a parent company to manage them, G6 Hospitality which is the entity being sold. Blackstone said it “generated over $1 billion in profit” during its hold period. The transaction is expected to close by the end of the year.

“This acquisition is a significant milestone for a startup company like us to strengthen our international presence,” Gautam Swaroop, OYO’s international division chief, said in a statement. The company says it currently operates 320 hotels across 35 states and is aiming to add 250 more this year.

The head of Boeing’s defense and space business is out

Boeing replaced the head of its troubled defense and space business, which has struggled with money-losing government contracts and embarrassing setbacks involving its Starliner space capsule.

The company said Theodore “Ted” Colbert III was removed immediately and replaced temporarily by the division’s chief operating officer, Steve Parker. A search is underway for a permanent replacement.

Boeing is trying to dig out from unprofitable contracts with the Pentagon and NASA, including new Air Force One presidential planes and refueling tankers for the Air Force.

Since the start of 2022, the defense and space division has lost $6 billion, slightly more than Boeing’s airplane business.