>Starwood Capital Will Make New Bid for Extended Stay Hotels

Share Button

>April 23 (Bloomberg) — Starwood Capital Group LLC will make a new bid for Extended Stay Hotels Inc., which filed the largest bankruptcy case by a U.S. hotel owner, a Starwood lawyer said in court.

“We’re interested in bidding for this company,” Bruce Zirinksy said yesterday at a hearing in Manhattan in which U.S. Bankruptcy Judge James Peck approved the bidding procedures. “We think we have already, through our prior bid, increased the company’s value by several hundreds of millions of dollars.”

Starwood’s earlier bid for the company, which had $7.6 billion in debt when it sought bankruptcy protection in June, was overtaken by one for $905.4 million from Centerbridge Partners LP and Paulson & Co. Zirinsky told Peck that he and Starwood learned on April 21 that Blackstone Group LP will become a third partner in the Centerbridge-Paulson bid for the company.

Read More:

About the Author