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Lighthouse buys Extended Stay

By Helen Patenall 18 Apr 2007

The Blackstone Group is selling Extended Stay Hotels to the Lightstone Group for US$8bn (£4bn, 5.9bn euro).

The transaction is expected to close in around two months.

Extended Stay Hotels owns 683 mid-price extended-stay properties in the US and Canada under five brands: Extended Stay Deluxe, Extended Stay America, Homestead Studio Suites, StudioPlus and Crossland.

CEO of Lightstone, David Lichtenstein, said: “This transaction is consistent with our strategy of acquiring companies with outstanding brand identity, and bringing the necessary resources to unlock long-term value.” Details: www.lightstonegroup.com

The Blackstone Group is selling Extended Stay Hotels to the Lightstone Group for US$8bn (£4bn, 5.9bn euro).

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