Blackstone Group Inc.
and Starwood Capital Group have agreed to acquire hotel owner and operator
for $6 billion, a bet that a rare bright spot for the lodging industry during Covid-19 can shine brighter as the U.S. emerges from the pandemic.
The companies said details of the deal, which real-estate executives say is the largest sale in the hotel sector during the Covid-19 period, will be released Monday.
Extended Stay is a midprice hotel chain that focuses on lodging for guests interested in staying for weeks or longer, offering kitchen facilities and more space than