Blackstone, Starwood to buy hotel operator for US$6B
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Blackstone Group Inc. and Starwood Capital Group agreed to buy Extended Stay America Inc., an operator of hotels and motels, for about US$6 billion, betting the industry will recover as progress in fighting the COVID-19 pandemic accelerates.
Blackstone and Starwood are paying US$19.50 per share for the hotel company, a roughly 15 per cent premium over Extended Stayâs closing price on Friday, according to a statement on Monday.
Extended Stayâs shares spiked as much as 36 per cent in New York before being halted. After early trading resumed, the stock was up 15 per cent at US$19.45 as of 9:05 a.m.
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Hilton Grand Vacations Inc said on Wednesday it would buy Diamond Resorts International Inc from funds managed by affiliates of Apollo Global Management Inc , Reverence Capital Partners and other stockholders in an all-stock deal for about $1.4 billion.
As per the terms of the deal, Apollo Funds and other Diamond stockholders would get 34.5 million shares of Hilton Grand Vacations’ common stock, subject to customary adjustments.
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Hilton Grand Vacations, which was spun out of hotel operator Hilton Worldwide Holdings Inc in 2017, said the combined company will have 720,000 owners, 154 resorts and 48 sales centers.
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A roundup of some of the North American equities making moves in both directions today
On the rise
Grocery retailer
The company, which owns grocery chains including Sobeys, Safeway, IGA, FreshCo and others, reported same-store sales growth of 10.7 per cent in the third quarter, not including fuel sales. (This is an important metric in retail, which shows sales growth not related to store openings or closings.) Fuel sales at its locations with gas stations continued to be down.
California-based Gomez Trial Attorneys Files Lawsuit Against Hilton Worldwide Holdings
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Hilton failed miserably to keep its guests and others safe that night SAN DIEGO (PRWEB) March 09, 2021 California-based Gomez Trial Attorneys today announced the filing of a major lawsuit against Hilton Worldwide Holdings, Inc. and its Culver City-based DoubleTree by Hilton Hotel. The lawsuit, according to court documents filed in the Superior Court of California, County of Los Angeles, arises out of a September 19, 2020 knife attack in the hotel’s lobby area. On that date, a non-hotel guest wearing a hoodie allegedly entered the hotel’s lobby and began threatening and confronting guests. The complaint alleges that hotel employees hid rather than effectively summon security or the police. Some time later, the assailant confronted and then violently stabbed 24-year-old John Doe, rendering him a quadriplegic. Th
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