18 Apr 2007
Lighthouse buys Extended Stay
BY Helen Patenall
The Blackstone Group is selling Extended Stay Hotels to the Lightstone Group for US$8bn (£4bn, 5.9bn euro).
The transaction is expected to close in around two months.
Extended Stay Hotels owns 683 mid-price extended-stay properties in the US and Canada under five brands: Extended Stay Deluxe, Extended Stay America, Homestead Studio Suites, StudioPlus and Crossland.
CEO of Lightstone, David Lichtenstein, said: “This transaction is consistent with our strategy of acquiring companies with outstanding brand identity, and bringing the necessary resources to unlock long-term value.” Details: www.lightstonegroup.com
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