Property Types
Hospitality
Jun 16, 2009
The sluggish travel industry has claimed another victim, as Extended Stay Hotels, an operator of mid-priced, extended-stay hotels in the United States and Canada, has filed for bankruptcy. The South Carolina-based firm, which holds more than 680 properties, said in its filing with the U.S. Bankruptcy Court in New York that it had $7.6 billion in debt, compared to $7.1 billion in assets at the end of 2008. The filing comes after Extended Stay failed to restructure $3.3 billion in debt to Bank of America and Wachovia Bank when a group of minority lenders sued to block the deal.
The sluggish travel industry has claimed another victim, as Extended Stay Hotels, an operator of mid-priced, extended-stay hotels in the United States and Canada, has filed for bankruptcy. The South Carolina-based firm, which holds more than 680 properties, said in its filing with the U.S. Bankruptcy Court in New York that it had $7.6 billion in debt, compared to $7.1 billion in assets at the end of 2008. The filing comes after Extended Stay failed to restructure $3.3 billion in debt to Bank of America and Wachovia Bank when a group of minority lenders sued to block the deal.
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