• Extended Stay free to sell to Centerbridge

Extended Stay has won court approval to begin the process of selling its assets to  Centerbridge Partners, Paulson & Co for $3.9bn, after Starwood Capital Group withdrew its objection.

The judge said he would seek to approve a summary of the bankruptcy reorganisation proposal on July 20. The plan is based on Centerbridge buying the chain’s 600 hotels. Despite withdrawing is objection, Starwood Capital said it wanted to press ahead with a rival bid but the judge rejected holding a hearing next week, news wires reported.

http://www.bloomberg.com/news/2010-06-17/extended-stay-wins-judge-s-approval-to-move-ahead-with-centerbridge-deal.html

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