Starwood Looking to Buy Bankrupt Extended Stay

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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.

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