Extended Stay America

The first Extended Stay America hotels opened in 1995 by a number of founders including management from Blockbuster Video and AutoNation. In 1996, Extended Stay America acquired StudioPLUS, further continuing its growth. During this time, the company also acquired Crossland Economy Studios. By August 2001, the company was added to S&P 400 as it quickly became the third largest owned and operated hotel company in the world and one of the faster-growing hotel chains in U.S. history.

Blackstone took Extended Stay America private in May 2004 to form a new company, Extended Stay Hotels. It paid close to $2 billion in cash as well as over $1 billion in debt. At the time, Extended Stay America had 425 hotels, but Blackstone added about 255 properties from other acquisitions including Homestead Village, which it agreed to buy for $600 million two months after the Sept. 11, 2001, terrorist attacks. [ RYAN CHITTUM and JENNIFER S. FORSYTH, [http://online.wsj.com/article/SB117684816025073160-search.html?KEYWORDS=lightstone+group&COLLECTION=wsjie/6month Lightstone to Purchase Extended Stay for $8 Billion] , "Wall St Journal", April 18, 2007; Page A3 ]

In 2007 Extended Stay Hotels was sold to the Lightstone Group for $8 billion. The sale was one of the biggest non casino hotel deals in history.

External links

* [http://www.extendedstayamerica.com Extended Stay America]
* [http://www.blackstone.com/news/press_releases%5C04-18-07.pdf THE LIGHTSTONE GROUP TO ACQUIRE EXTENDED STAY HOTELS FROM BLACKSTONE GROUP FOR $8 BILLION] , "Blackstone Press release"

References