Real Estate Group Buys Extended Stay Hotels

The Lightstone Group, one of the largest private real estate owners in the U.S., has an agreement in place with The Blackstone Group to acquire the Extended Stay Hotels chain for $8 billion--one of the biggest hotel deals ever if the transaction goes through. Extended Stay Hotels, a collection of mid-price extended-stay properties, consists of 683 properties under five brands: Extended Stay Deluxe, Extended Stay America, Homestead Studio Suites, StudioPlus and Crossland. The Blackstone Group originally purchased the chain a little more than three years ago. The deal is part of Lightstone's strategy to acquire name brands with strong identities, said David Lichtenstein, chairman and CEO of the Lightstone Group. The transaction is expected to close in two months.

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