Extended Stay Hotels Seek Chapter 11

     MANHATTAN (CN) – Extended Stay Inc., which operates more than 600 hotels in 44 states, filed for bankruptcy, listing $7.1 billion in assets and $7.6 billion in debts. Lightstone Group bought the hotel chain from the Blackstone Group for $8 billion in April 2007 – just in time for the real estate crash and recession. The Federal Reserve owns nearly $900 million of the debt, having acquired it with Bear Stearns, industry watchers say.

%d bloggers like this: