Extended Stay Hotels chain goes into Chapter 11 bankruptcy

06/16/2009 | Wall Street Journal, The

Burdened by $8 billion of debt taken on at the height of the real estate market in 2007, Extended Stay Hotels has sought Chapter 11 bankruptcy protection. Under the proposed restructuring plan, David Lichtenstein, who headed the highly leveraged buyout deal that gave him control of the 680-property hotel chain, remains as manager.

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Wall Street Journal, The

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