Extended Stay America

exited

Real Estate / Hospitality — Blackstone / Starwood / Centerbridge

Deal Terms

Entry Year2010

Entry EV$3.93B

Entry Multiple4x

Leverage5x

Debt Amount$1.97B

Outcome

Exit Year2021

Risk Metrics

LTV (est.)50%

Debt / EV0.50x

Notes

Lightstone Group's $8B LBO (2007) bankrupted Extended Stay in 2009 ($7.4B debt). Starwood/Centerbridge bought out of bankruptcy for $3.93B (2010). IPO'd 2013. Sold for $6B (2021). Rare PE success — but only because they bought at bankruptcy-level discount. Original LBO destroyed billions.

Sponsor

Blackstone$1270B AUM