Blackstone, others, rescue Extended Stay

Oct. 9, 2010 at 8:57 AM

NEW YORK, Oct. 9 (UPI) -- An investor group led by Blackstone Group LP, said they have pulled U.S. hotel chain Extended Stay out of bankruptcy for $3.9 billion.

The group, comprised of Blackstone, Paulson & Co. and Centerbridge Partners LP, offered Extended Stay the rescue plan that includes 685 hotel properties, The Wall Street Journal reported Saturday.

Starwood Capital Group had submitted a proposal of their own, but a group of unsecured creditors settled their claims in advance of court approval, derailing that effort, the Journal said.

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