Extending Its Reach
Listen to this articleLightstone Group spends $8 billion to pick up Extended Stay Hotels of Spartanburg, S.C.BIZ BRIEFS – David Lichtenstein, chairman and CEO of Lakewood-based real estate investment firm Lightstone Group, last week announced his biggest acquisition yet. He spent $8 billion to pick up Extended Stay Hotels of Spartanburg, S.C., the countryÂs largest owner of mid-price extended-stay properties. The Blackstone Group, a private equity and asset-management firm based in New York City, was the seller.
Extended Stay Hotels has 683 properties and 76,000 units across 44 states and Canada. Its five brands include Extended Stay America and Homestead Studio Suites.
Lightstone, the countryÂs second largest outlet mall owner, has grown at a blistering pace in recent years, mostly through acquisitions of entire companies or real estate portfolios. The purchase of Extended Stay Hotels gives Lightstone a leadership position in that market as well. The firmÂs portfolio includes 18,000 residential units and 30 million square feet of office, industrial and retail properties across 27 states, the District of Columbia and Puerto Rico.
