Economy Lodging Co. Nabs 22 Properties In $115M Deal

Law360, New York (September 30, 2013, 2:45 PM EDT) -- Value Place Franchise Services LLC, an extended-stay lodging company, has struck a $115 million deal to take ownership of 22 of its nationwide franchises currently held by private equity firms Angelo Gordon & Co and Belvedere Capital Real Estate Partners, according to a Monday statement.

The deal includes the assumption of an undisclosed amount of debt and greatly expands Value Place's ownership reach in Florida, where 10 of the properties are located, the company said. Value Place said it was able to carry out the portfolio...
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