Ashford Hospitality tanks on hotel's Chapter 11 | reuters.com

Shares of Ashford Hospitality Trust Inc (AHT.N) plunged 22 percent on Tuesday hurt by mounting problems for the company's hotel lending portfolio after U.S. hotel chain Extended Stay Hotels filed Chapter 11. Extended Stay filed for Chapter 11 bankruptcy protection on Monday about two years after Lightstone Group LLC purchased the 680-property hotel chain. Lightstone borrowed $7.4 billion from a number of lenders including Ashford to buy the chain from private-equity firm Blackstone Group LP