A group led by Centerbridge Partners LP prevailed in an auction to take Extended Stay Inc. out of bankruptcy protection, offering nearly $4 billion to clinch the purchase of the distressed hotel chain.
The investor consortium, which includes Paulson & Co. and Blackstone Group, put up $3.925 billion for Extended Stay, topping a rival bid from a group led by Starwood Capital Group, said people familiar with the matter.
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