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SPARTANBURG, SC-In what is being called one of the largest bankruptcy filings by a commercial real estate company, Extended Stay Hotels filed for Chapter 11 bankruptcy protection today, according to the Wall Street Journal.

According to a filing made in the US Bankruptcy Court for the Southern District of New York in Manhattan, Extended Stay listed $7.1 billion in assets and $7.6 billion in debts at the end of the year. In April of 2007, David Lichtenstein’s the Lightstone Group of Lakewood, NJ acquired the 680-property chain for $8 billion from Blackstone Group LP. The deal was highly leveraged.

At statement from HVM LLC, which manages the Extended Stay chain, said that operations would not be affected by the bankruptcy filing. “All hotels are open and welcoming guests as usual,” stated Gary DeLapp, president and CEO of HVM.

For the entire WSJ article, click here.

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