Skift Take
Blackstone and Starwood Capital keep returning to Extended Stay America, but their partnership acquisition here shows the two firms see many more deals ahead as reason to keep capital on hand.
Investment firms Blackstone Group and Starwood Capital announced Monday details of a joint, all-cash $6 billion takeover of Extended Stay America and its lodging trust subsidiary, ESH Hospitality.
The extended-stay hotel brand is one each of the companies invested in earlier in the pandemic and that Blackstone previously owned. The deal, expected to close in the second quarter, is easily the largest hotel acquisition to come from the pandemic so far.
“Travel and leisure is one of Blackstone’s highest conviction investment themes, and we have confidence in the extended stay model," Tyler Henritze, Blackstone’s head of U.S. acquisitions, said in a statement. "We helped create this company ne
