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Investment firms Blackstone Group and Starwood Capital announced Monday details of a joint, all-cash $6 billion takeover of Extended Stay America and its lodging trust subsidiary, ESH Hospitality.
The extended-stay hotel brand is one each of the companies invested in earlier in the pandemic and that Blackstone previously owned. The deal, expected to close in the second quarter, is easily the largest hotel acquisition to come from the pandemic so far.
“Travel and leisure is one of Blackstone’s highest conviction investment themes, and we have confidence in the extended stay model,” Tyler Henritze, Blackstone’s head of U.S. acquisitions, said in a statement. “We helped create this company nearly twenty years ago, and believe our expertise puts us in a unique position to add long-term value.”
California Governor Gavin Newsom, in his third State of the State address on March 9, spoke of, among other issues, Project Homekey, which was launched in July to help solve the critical issue of homelessness, and which âcreated more than 6,000 new permanent housing units during the pandemic, buying hotels and motels and converting them at a third of the cost of traditional supportive housing.â
âWe did this cheaper and faster than homeless housing has ever been built in California history,â said Newsom, âliterally rewriting the book on how to tackle homelessness.â
But the initiative has drawn both praise as an innovative solution that creates immediate housing, as well as concern and pushback from those who say the project does not adequately address the homelessness crisis.
10 Biggest Price Target Changes For Tuesday benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
Weekly Summary Corporate dividends, name changes, new listings
March 5, 2021
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INCREASED DIVIDENDS
Albermarle .39 from .385
AMERISAFE .29 from .27
Big 5 Sporting Goods .15 from .10
Brigham Minerals .26 from .24
B. Riley Financial .50 from .375
CMC Materials .46 from .44
Cogent Communications .755 from .73
Cohen & Steers .45 from .39
Comfort Systems USA .115 from .11
Community Financial .15 from .125
Deere .90 from .76
Dominos Pizza .94 from .78
EOG Resoures .4125 from .375
ESSA Bancorp .12 from .11
Extended Stay America .09 from .01
FBL Financial Group .52 from .50
Fedl Ag Mtge Corp Cl A .88 from .80
Fedl Ag Mtge Corp Cl C .88 from .80
Financial Institutions .27 from .26
General Dynamics 1.19 from 1.10
Lamar Advertising Cl A .75 from .50
LeMaitre Vascular .11 from .095
L3Harris Technologies 1.02 from .85
Meridian Bancorp .10 from .08
Northrim Bancorp .37 from .35