IIPM MANAGEMENT INSTITUTE
Lightstone Group has made their first hotelbuy a big deal. In one of the American history’s biggest hotel deals, Lightstone, country’s largest real-estate firm, will buy Extended Stay Hotels from the Blackstone private equity group for $8 billion. Lightstone will finance the deal with $1 billion in cash and $7 billion in debt. It won the deal over competing bids from Fortress Investment and Goldman Sachs. Extended Stay Hotels – the biggest player in the American mid priced extended stay segment – owns 683 properties with 76,000 rooms in the US and in Canada. Apart from its namesake, it operates under four other brand-names: Extended Stay America, Homestead Studio Suites, Studio- Plus and Cross land.
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Source : IIPM Editorial, 2007
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative
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Friday, June 01, 2007
Lightstone strikes a lightening deal!
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