Blackstone, Starwood Capital to buy Extended Stay in $6B deal

Blackstone Group and Starwood Capital Group have partnered to buy Extended Stay America in a $6 billion deal that is said to be the largest hotel-sector transaction since the onset of the pandemic. “Resorts are coming back, and a big resort portfolio would be of interest to us,” says Starwood Capital CEO Barry Sternlicht, noting that the Extended Stay deal is a “bread-and-butter investment — this isn’t glamorous.”