Extended Stay Hotels has accepted the latest plan put forth by the Starwood Capital Group consortium which values the company at $3.9 billion. The plan includes $905 million from Starwood, TPG Capital and Five Mile Capital Partners and would reduce the company's debt from $7.4 billion to $2.8 billion. The hotel chain's mortgage holders would receive a new $2.8 billion loan, a $200 million cash payment and $471 million in equity. Its mezzanine debt holders would receive a junior equity interest. The offer tops a previous one from a group led by Centerbridge Partners.