1 minute readStarwood Capital Group LLC will make a new bid for Extended Stay Hotels Inc., which filed the largest bankruptcy case by a U.S. hotel owner, a Starwood lawyer said in court. “We’re interested in bidding for this company,” Bruce Zirinksy said yesterday at a hearing in Manhattan in which U.S. Bankruptcy Judge James Peck approved the bidding procedures. “We think we have already, through our prior bid, increased the company’s value by several hundreds of millions of dollars.” Starwood’s earlier bid for the company, which had $7.6bn in debt when it sought bankruptcy protection in June, was overtaken by one for $905.4m from Centerbridge Partners LP and Paulson & Co.
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
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The story for the housing market over the past three years has been, “Home sales are down, home prices are up.” Because inventory was so restricted after the pandemic, prices pushed higher even as demand weakened. That story may finally be inverting as unsold inventory of homes is now great enough that home prices are […]
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Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio