Lightstone Group buys Extended Stay Hotels from Blackstone Group, for $8 billion

Just announced:

Extended Stay Hotels, which offers rooms with kitchenettes and primarily serves business travelers, operates under several brands, including Homestead Studio Suites and Crossland Economy Studios. The deal will add 683 properties, with a total of 76,000 rooms, to the more than 18,000 residential units and approximately 30 million square feet Lightstone owns. “With this purchase,” Mr. Lichtenstein said, “we’ll control almost 60 percent of the extended-stay niche.”

Read the whole article on the New York Times

Posted 04/19/07 by JJ | Filed under: Development