Extended Stay Hotels (ESH) is a privately owned hotel A hotel is an establishment that provides paid lodging on a short-term basis. The provision of basic accommodation, in times past, consisting only of a room with a bed, a cupboard, a small table and a washstand has largely been replaced by rooms with modern facilities, including en-suite bathrooms and air conditioning or climate control brand that operates in the extended stay hotel market. The company is headquartered in Spartanburg, South Carolina Spartanburg is the largest city in and the county seat of Spartanburg County, South Carolina, United States. It is the second-largest city of the three primary cities in the Upstate region of South Carolina.

Extended Stay Hotels and its brands currently own and operate over 680 hotels with approximately 76,000 rooms across the United States and Canada.

According to the company's website as of August 19, 2009, its brands included the following:[1]

The company was formed in 2004 when the Blackstone Group The Blackstone Group, L.P. is an alternative asset management and financial services company that specializes in private equity, real estate, and marketable alternative investment strategies, as well as mergers and acquisitions (M&A), restructuring, and fund-placement advisory services, owners of Homestead Studio Suites Hotels, bought Extended Stay America.

Extended Stay Hotels, its brands, and its management company, Homestead Village Management (HVM, LLC) were purchased from The Blackstone Group by The Lightstone Group in 2007 for approximately US$8 Billion.

The company filed for Chapter 11 Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to every business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, bankruptcy protection on June 15, 2009 but continues to operate using its cash flow instead of debtor-in-possession financing Debtor-in-possession financing or DIP financing is a special form of financing provided for companies in financial distress or under Chapter 11 bankruptcy process. Usually, this security is more senior than debt, equity, and any other securities issued by a company. It gives a troubled company a new start, albeit under strict conditions.

In September of 2009, a group of creditors led by Starwood Capital Group began negotiations to buy the entire chain for $3.5 billion. [2]

References

  1. ^ http://www.extendedstayhotels.com/Extended/Highlights.asp
  2. ^ http://online.wsj.com/article/SB125426690932550897.html

External links

Categories: Extended stay hotel chains | Hospitality companies of the United States | Companies based in South Carolina | Hotels in South Carolina

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