Centerbridge's $3.9B Bid Wins Auction For Hotel Chain

Law360, New York (May 28, 2010, 4:30 PM EDT) -- A group of investment capital companies led by Centerbridge Partners LP has won an auction for bankrupt business lodgings company Extended Stay Hotels LLC with a $3.93 billion bid, beating out a rival group led by Starwood Capital Group LLC.

The outcome of Thursday's court-ordered auction was confirmed Friday by Fried Frank Harris Shriver & Jacobson LLP, the law firm representing the winning bidders. Other companies in the group include Paulson & Co. and Blackstone Group LP.

Starwood was joined in its bidding ventures by affiliates...
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