Consortium Bids to Acquire Extended Stay Hotels
Ropes & Gray is representing TPG Capital in its bid, with Starwood Capital Group and Five Mile Capital Partners, to invest up to $905 million in Extended Stay Hotels, Inc. as part of a recapitalization plan announced on March 18. The proposal, filed with the U.S. Bankruptcy Court for the Southern District of New York, would allow Extended Stay to emerge from bankruptcy in what The Wall Street Journal
called the largest hotel bankruptcy case ever. The consortium's proposal tops a previous bid by Centerbridge Partners and Paulson & Co.