• Extended Stay sold to Centerbridge

The bankrupt US hotel operator Extended Stay has won court approval to pay creditors by selling its assets to Centerbridge Partners, Paulson & Company and Blackstone Group.

The Centerbridge group will pay $3.9bn for 664 hotels. Extended Stay will use proceeds from the sale to pay its $4.1bn mortgage debt. Owners of $3.3bn in so-called mezzanine debt and general unsecured creditors will receive proceeds of a litigation trust, news wires reported.


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