CHARLOTTE, NC-Extended Stay Americas Inc. filedplans today for a public offering of stock and has retainedDeutsche Bank, Goldman Sachs GroupInc. and J.P. Morgan Chase & Co. towork on the offering.
The once troubled 682-hotel chain headquartered here wasacquired by Blackstone Group LP, Centerbridge Partners LP, andPaulson & Co. for $3.9 billion in 2010 during a bankruptcyauction. Industry sources say that the public offering will likelytake place toward year's end, according to the Wall StreetJournal.
Blackstone sold the Extended Stay chain in 2007 for $8 billionto the New York City-based Lightstone Group. Extended Stay filedfor bankruptcy protection in 2009, due to heavy debt as a result ofthe Lightstone takeover and the recession that hit the hotelindustry hard.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
