• Extended Stay seeks court approval of Centerbridge group bid

Bankrupt hotel chain Extended Stay America has sought court approval so it can be sold to the Centerbridge Partners, Paulson & Co and Blackstone Group for $3.925bn in cash, news wires reported.

Centerbridge successfully bid for the hotel chain last month, beating an investor group made up of Starwood Capital Group and TPG Capital. Extended Stay has 680 hotels in 44 states.

Extended Stay filed for bankruptcy in June 2009 with more than $7bn of debt.

The case is in Re: Extended Stay Inc, U.S. Bankruptcy Court, Southern District of New York, No. 09-13764.

http://uk.reuters.com/article/idUKTRE65826M20100609

Share →