US hotel chain operator Extended Stay America has been sold to an investment consortium for $3.9bn.
The buy-out by a consortium comprising US-based Blackstone, Paulson & Co and Centerbridge Partners enabled the US hotel chain operator to emerge from bankruptcy.
The company filed for creditor protection in June 2009 for $3.9bn under a restructuring plan.
Extended Stay, which operates 680 hotels, is over $7bn in debt.
The debt is attributed to the company’s leveraged buyout by Lightstone Holdings in 2007 and the global economic crisis.