Blackstone Group Makes Big Bet On Long-Term Lodging – Herald Tribune
Blackstone Group, a New York-based private equity firm, is poised to become the dominant player in the fast-growing long-term lodging sector, a market that barely existed a decade ago.
Blackstone which recently sold its interests in four luxury hotels in London, agreed last month to pay $3.1 billion to buy Extended Stay America, the largest U.S. chain of hotels offering no-frills, low-priced rooms with kitchens to construction workers and other people who are away from home for weeks or even months at a time.
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