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
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.
Extended Stay Hotels immediately puts us in a leadership position
within the extended stay market," he added.
transaction comes nearly 30 days after Blackstone sold the Budgetel
hotel brand for an undisclosed sum to a private group of
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].