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New owners plan to renovate chain’s hotels
Extended Stay Inc. has emerged from Chapter 11 bankruptcy protection after being acquired for $3.925 billion by an investment group consisting of Centerbridge Partners LP, Paulson & Co. Inc. and Blackstone Real Estate Partners VI LP. The Spartanburg, S.C.-based chain of 685 extended-stay hotels in the U.S. and Canada filed for bankruptcy in June 2009 with more than $7 billion in debt.
“We are enthusiastic about the opportunity to invest in Extended Stay Inc., which has maintained market leadership throughout the challenges of the past two years,” said a spokesman for the chain's new owners. “After reducing its debt burden by nearly $5 billion, Extended Stay will have the flexibility to improve its customer experience and offerings. We all look forward to a successful partnership with Gary DeLapp and the entire management team as they lead the company to future growth.”
DeLapp is president and ceo of HVM LLC, a separately owned company that will continue to manage the chain's hotels. "I am excited that we can now focus all of our efforts on serving our guests and giving them a comfortable, convenient and affordable experience whether they stay for a night, a week, a month or longer,” said DeLapp, adding that the company's near-term capital plan includes a “significant investment” in property improvements and renovations.
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