 |
|
|
THE LIGHTSTONE GROUP TO ACQUIRE EXTENDED STAY HOTELS
LAKEWOOD, NJ (June,2007) – An affiliate of Lakewood-based, The Lightstone Group has entered into an agreement with affiliates of The Blackstone Group to acquire Extended Stay Hotels for $8 billion. The transaction is subject to customary conditions and is expected to close this month. Extended Stay Hotels owns 683 properties and 76,000 units in 44 states and Canada. The company currently operates under the Extended Stay Deluxe, Extended Stay America, Homestead Studio Suites, StudioPlus and Crossland brands. Joshua Kornberg, Michael Schurer and Joseph Terchman assisted in completing the deal for The Lightstone Group, with Citi, Wachovia and Lehman Brothers acting as financial advisors for Lightstone. Bear, Sterns & Co., Blackstone Corporate Advisory, Banc of America Securities and Merrill Lynch & Co. acted as financial advisors for Blackstone.
|
