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NEW YORK  CITY-Three investment firms that bought Extended Stay Hotels in a 2010 bankruptcy auction plan to sell $3.5 billion of debt to refinance their purchase. Blackstone Group LP, Centerbridge Partners and Paulson & Co. will recoup about half of their equity investment, sources told Bloomberg News.

Blackstone previously purchased the hotel chain in 2004 for $3 billion, when it was known as Extended Stay America. The group has invested about $420 million in renovations and to consolidate the properties under the Extended Stay name.

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