GREENWICH, Conn. — Extended Stay Hotels Inc. has decided to take an investment offer worth up to $905 million from a group led by Starwood Capital Group in order to exit bankruptcy, abandoning an earlier proposal from Centerbridge Partners and Paulson & Co.
The hotel chain said Thursday that the proposal from Starwood, TPG Capital and Five Mile Capital Partners would value it at about $3.9 billion after the deal closes. It also said the deal would strengthen its balance sheet, lower its debt to $2.8 billion from $7.4 billion and provide cash reserves that would be poured into its properties and operations.
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