Extended Stay Hotels Checks Into Ch. 11

Law360, New York (June 15, 2009, 12:00 AM EDT) -- A hotel chain that specializes in long-term lodging options for business travelers has filed for bankruptcy protection, citing a sharp decline in corporate travel because of the recession.

On Monday, Extended Stay Hotels LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York, listing both its assets and liabilities as over $1 billion, according to the voluntary petition.

Operated by HVM LLC, the Spartanburg, S.C.-based company counts Extended Stay Deluxe, Extended Stay America Efficiency Studios, Homestead Studio Suites,...
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