Starwood Capital Group has withdrawn its demand to end Extended Stay Inc.'s exclusive control over its bankruptcy case and indicated that it is now negotiating with the hotel operator.
In papers filed with the U.S. Bankruptcy Court in Manhattan, Starwood said it would no longer protest Extended Stay's request for an extension through May 3 to file its bankruptcy-exit plan.
Starwood revised its position after Extended Stay showed it would be more receptive to the investment firm's proposals for the company.
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