Newspaper: Centerbridge leads investor group to win $4B auction bid for Extended Stay chain
By APFriday, May 28, 2010
WSJ: Centerbridge bid wins Extended Stay chain
CHICAGO — A published report says a group of private-equity investors has won an auction for the hotel chain Extended Stay Hotels Inc.
The Wall Street Journal cited people familiar with the matter in saying that Centerbridge Partners LP and other investors will buy the chain.
They bid nearly $4 billion to buy the of 680 properties out of bankruptcy court protection.
Extended Stay is based in Spartanburg, S.C. It filed for federal bankruptcy protection last summer.
The cash offer still needs an approval from the judge overseeing the case.
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