Blackstone, Starwood strike $6B pact for Extended Stay America
March 16, 2021
Blackstone and Starwood Capital Group have agreed to acquire hotel chain Extended Stay America in an all-cash deal valued at around $6 billion. The investors will pay $19.50 per share for the Charlotte-based company, marking a 15.1% premium over the closing price of its stock on Friday. Blackstone originally backed ESA in 2004 and purchased the company out of bankruptcy alongside other investors in 2010. The company went public in 2013.