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October 12, 2010

Extended Stay Sold for $3.9bn

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 compa

By cms admin

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.

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