Starwood Capital Acquires Extended Stay For US$905m | wsj.com

Barry Sternlicht, best known for founding boutique W Hotels, has persuaded Extended Stay Inc. to back his bid to take the midpriced hotel chain out of bankruptcy-court protection. Earlier this month, Extended Stay had accepted a reorganization plan proposed by two investment firms, Centerbridge Partners LP and Paulson & Co. But the chain's board has switched support to the plan of a group led by Mr. Sternlicht's Starwood Capital Group. Mr.