Consortium in $4bn deal for Extended Stay | ft.com

A Centerbridge-led consortium, which includes Blackstone and funds controlled by John Paulson, has agreed to pay $3.93bn for the bankrupt hotel chain Extended Stay Hotels, following a heated auction that ended early yesterday morning. Blackstone, the private equity firm, has owned the group before. It bought Extended Stay in 2004 for $2bn and $1bn in debt.