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Blackstone and Starwood Capital agreed to buy Extended Stay America, an operator of hotels and motels, for about $6 billion, betting the industry will recover as progress in fighting the Covid-19 pandemic accelerates.
Blackstone and Starwood are paying $19.50 per share for the hotel company, a…
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3 Firms Assemble $6B Deal For Extended Stay America
Law360 (March 15, 2021, 4:33 PM EDT) Blackstone and Starwood Capital, represented by Simpson Thacher and Kirkland & Ellis, respectively, have teamed up to buy Fried Frank-advised hotel operator Extended Stay America Inc. and its real estate investment trust subsidiary for roughly $6 billion, the companies said Monday.
The all-cash agreement sees a 50/50 joint venture between Blackstone Real Estate Partners and Starwood Capital Group picking up Extended Stay America and its REIT subsidiary ESH Hospitality Inc. for $19.50 per share, according to a statement. That per-share price represents a premium of about 23.3% over the average trading price of Extended Stay America stock for the last 30.