 Extended Stay Hotels Purchase
Lighthouse Group purchased Extended Stay Hotels from a private equity company, the Blackstone Group, for $8 billion.
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. |