Blackstone Group Makes Big Bet On Long-Term Lodging – Herald Tribune
2004-04-22
Blackstone Group, a New York-based private equity firm, is poised to become the dominant player in the fast-growing long-term lodging sector, a market that barely existed a decade ago.
Blackstone which recently sold its interests in four luxury hotels in London, agreed last month to pay $3.1 billion to buy Extended Stay America, the largest U.S. chain of hotels offering no-frills, low-priced rooms with kitchens to construction workers and other people who are away from home for weeks or even months at a time.
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More Extended Stay America News
- Operations To Stay on Course During Extended Stay Inc.'s Debt Restructuring
- Extended Stay America, Inc. Stockholders Approve Merger Agreement
- S&P may cut Extended Stay America ratings
- N.Y. Investment Firm to Buy Hotel Chain
- Extended Stay America, Inc. Opens New Hotel in Fishkill, New York
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