Starwood Tries To Block $4B Extended Stay Sale

Law360, New York (June 15, 2010, 3:44 PM EDT) -- Starwood Capital Group LLC, a losing bidder in the auction for bankrupt hotel chain Extended Stay Hotels LLC, has asked the court not to approve a sale to the winning bidders Centerbridge Partners LP, Paulson & Co. and Blackstone Group LP for $3.93 billion in cash.

In an objection filed Monday in the U.S. Bankruptcy Court for the Southern District of New York, Starwood maintained that the bid substantially undervalued Extended Stay and urged the court not to approve the debtors' disclosure statement or designate Centerbridge...
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