Blackstone May Join Centerbridge's Extended Stay Bid

Law360, New York (April 21, 2010, 1:08 PM EDT) -- Blackstone Group, which three years ago unloaded now-bankrupt Extended Stay Hotels LLC on a real estate developer for $8 billion, is now reportedly joining a group of investors making a $905 million bid for the troubled hotel chain.

Blackstone could invest more than $100 million in the deal, led by private equity firms Centerbridge Partners LP and Paulson Co., in exchange for a minority stake in Extended Stay, the Wall Street Journal reported Wednesday.

People familiar with the matter told the WSJ that in any completed...
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