Reports set the winning bid at close to $4 billion
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Extended Stay Hotels reportedly has a new parent. Accounts published by Reuters and The Wall Street Journal quoted sources as saying that Centerbridge Partners, Paulson & Co. and Blackstone Group LP had bested a group led by Starwood Capital Group and TPG Capital with a $3.9 billion bid for the chain.
The auction ended months of wrangling for control of the 76,000-room chain. Extended Stay filed for bankruptcy nearly a year ago.
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