• Sternlicht misses out on Extended Stay

Centerbridge Partners last week won a heated contest to buy US chain Extended Stay, offering nearly $4bn. The purchase, still subject to approval by a bankruptcy court judge, was confirmed by the law firm acting for Extended Stay.

The winning bid included Blackstone and Paulson & Co. The main rival was a bid led by Starwood Capital Group. Meanwhile, head of Starwood Capital Barry Sternlicht was profiled in the New York Times regarding his condo investments.

http://www.weil.com/news/newsdetail.aspx?news=39005

http://www.nytimes.com/2010/05/30/business/30barry.html?pagewanted=1

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