search

The Real Deal Logo

Trending

Rent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlordsLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraud
New York

Starwood reenters Extended Stay bidding

Sign Up for the undefined Newsletter

Starwood Capital Group, best known for its W Hotels brand, is planning to up its bid for bankrupt hotel chain Extended Stay, a lawyer for the company said in court. (Note: correction appended). Starwood had been previously outbid by a group of investors led by Centerbridge Partners and Paulson & Co. and joined yesterday by Blackstone Group, who offered $905 million for the 680-property chain. The offer is considered by the investors and by Extended Stay to be the stalking horse bid, meaning other offers would need to exceed it. Extended Stay filed the largest-ever bankruptcy in the hotel industry in June with $7.6 billion in debt. The deadline for proposals is May 17 and an auction is scheduled for May 27. [Bloomberg]

Tags
Blackstone GroupStarwood CapitalW Hotel