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.