Blackstone sells Extended Stay Hotels for $8 billion

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The privately held Lightstone Group, one of the largest owners of retail outlet space in the U.S., has acquired the Extended Stay Hotels chain of 638 properties for $8 billion from the Blackstone Group.

The sale comes three years after Blackstone acquired Extended Stay for $3.1 billion.

Extended Stay, the largest hotel chain geared specifically to travelers that require lodging accommodations for several weeks or more at a time, operates properties under the Extended Stay Deluxe, Extended Stay America Efficiency Studios, Homestead Studio Suites, StudioPLUS Deluxe Studios and Crossland Economy Studios brands.

"This was a perfect opportunity for the Lightstone Group to expand its growing portfolio into the hotel industry," said David Lichtenstein, chairman and CEO of the Lightstone Group in a statement.

"Acquiring Extended Stay Hotels immediately puts us in a leadership position within the extended stay market," he added.

The Lightstone transaction comes nearly 30 days after Blackstone sold the Budgetel hotel brand for an undisclosed sum to a private group of investors.

In March, the Blackstone Group, a private global equity firm, announced plans to take company public.

To contact reporter Michael Milligan, send e-mail to [email protected].

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