Starwood Looking to Buy Bankrupt Extended Stay


Starwood Capital Group is hoping to ink the deal to buy the Extended Stay Inc. chain of hotels currently under Chapter 11 bankruptcy soon. Starwood has been arranging for its financing with Goldman Sachs Group Inc. and the two sides are close to terms on its $2.2 billion financing. About $1 billion of the money would come from Goldman’s partner, Citigroup Inc. If the deal goes through, it would be the largest mortgage-debt financing on a real estate venture since the height of the credit crisis 2 years ago. It also indicates that big banks like Goldman Sachs are starting to resume business in commercial real estate financing just as the property market struggles to find its feet after its worst recession in decades.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Tampa Bay Bankruptcy Center, P.A. | Attorney Advertising

Written by:


Tampa Bay Bankruptcy Center, P.A. on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.