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Extended Stay Backs New Centerbridge Bid

Law360 (April 8, 2010, 4:41 PM EDT) -- Extended Stay Hotels LLC has backed a new purchase offer by private equity firms Centerbridge Partners LP and Paulson Co. that the bankrupt hotel chain says improves on an earlier offer by Starwood Capital Group LLC.

The Centerbridge-Paulson plan matches Starwood’s $905.4 million offer while eliminating fees Starwood required, according to Extended Stay attorney Jacqueline Marcus of Weil Gotshal & Manges LLP.

Extended Stay on Wednesday withdrew a request to approve the Starwood offer, and an attorney for the company appeared before the U.S. Bankruptcy Court...
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